1 Ducat - Ernest of Bavaria

Glatz — the fortified county wedged between Bohemia and Silesia — passed to the Habsburgs in 1526 but retained its own coinage rights under appointed governors. Ernest of Bavaria held the county as a pledge rather than outright possession, a financial arrangement typical of mid-sixteenth century Habsburg cash-flow management, and his authority to strike gold in his own name derived from that pledgeholder status rather than any territorial sovereignty.

The five-year window of this issue reflects the duration of the pledge term precisely.