1/4 Groat - Philip the Handsome, Regency with M

Philip was an infant when his mother Mary of Burgundy died after a riding accident in 1482, leaving the regency of the Burgundian Netherlands to his father Maximilian of Habsburg. The "M" mintmark on this issue denotes Mechelen, which served as the administrative heart of the Low Countries during this contested regency period — Maximilian's authority over the Flemish towns was anything but secure, and sporadic rebellions interrupted minting throughout these years.

The billon fineness here reflects deliberate debasement, not accidental degradation. Monetary policy during the regency was perpetually strained by military costs.