1 Goldgulden

Nuremberg's gold coinage of this period was produced under considerable strain. The Kipper- und Wipperzeit — the catastrophic debasement crisis that swept the Holy Roman Empire from roughly 1619 to 1623 — drove most gold from circulation as holders hoarded anything of reliable fineness while the market flooded with debased copper-washed silver. That Nuremberg continued striking high-fineness gold through these years reflects the city's determination to preserve its commercial credibility with trading partners who had stopped trusting imperial coinage altogether.