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.
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.