1 Kipper Kreuzer - Leopold V

The Kipper und Wipperzeit — roughly 1619 to 1623 — was a currency debasement crisis that swept the Holy Roman Empire during the early Thirty Years' War, as minting authorities raced to produce debased coinage, pocket the difference, and pass the loss downstream. Tyrol under Leopold V was no exception. These copper kreuzer were emergency-grade fiduciary issues, nominally tariffed above their intrinsic value, and the scheme collapsed badly once merchants and common people refused acceptance.

The crisis ended not through reform but exhaustion — mints simply stopped when the arbitrage disappeared.