1 Goldgulden

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.