1⁄48 Thaler - Frederick

Frederick III of Brandenburg-Bayreuth — who styled himself Frederick as Margrave — ruled this small Franconian territory during a period when the proliferation of tiny billon fractions across the German states had become a genuine administrative headache. The 1/48 Thaler denomination was a product of the fractured Holy Roman monetary system, where each petty principality retained the right to strike its own coinage, producing a circulation environment so fragmented that merchants routinely needed conversion tables just to conduct basic transactions.

Brandenburg-Bayreuth's output was modest by any measure, and billon issues of this type saw hard daily use and survive mostly in well-worn condition.