1 Kreuzer - Henry V of Knörringen Kipper

The Kipper und Wipper crisis of 1621–1622 was one of the most destructive currency debasements in German history, driven by dozens of small ecclesiastical and secular states — Augsburg's bishopric among them — racing to mint the lowest-quality coins possible, collect seigniorage profits, then flood neighboring territories with the debased issue before the inevitable collapse. Bishop Heinrich V von Knörringen participated openly in this race. The copper kreuzer was essentially worthless on arrival, its face value bearing no relationship to its metal content.