Ulm's 1704 goldgulden was struck during the War of the Spanish Succession, just two years before the city fell under Bavarian — and briefly French-aligned — pressure following the disastrous Imperial defeat at the Battle of Höchstädt. As a Free Imperial City, Ulm retained minting rights tied directly to its political autonomy, and issues from this precise window are historically loaded: within a few years, the city's status would be under serious threat. Surviving examples from this issue are uncommon, partly because Ulm's mint output was never prolific at the best of times.
Ulm's 1704 goldgulden was struck during the War of the Spanish Succession, just two years before the city fell under Bavarian — and briefly French-aligned — pressure following the disastrous Imperial defeat at the Battle of Höchstädt. As a Free Imperial City, Ulm retained minting rights tied directly to its political autonomy, and issues from this precise window are historically loaded: within a few years, the city's status would be under serious threat. Surviving examples from this issue are uncommon, partly because Ulm's mint output was never prolific at the best of times.