1 Pfennig

Ulm's civic coinage rights in the early fifteenth century were a hard-won privilege, with the city repeatedly defending its minting authority against encroachment from both the Habsburgs and the Bishop of Augsburg. This pfennig belongs to a series issued during the period when Ulm was consolidating its position as one of the wealthiest free imperial cities on the upper Danube, its textile trade generating the fiscal base that made small-denomination silver coinage both practical and politically necessary.

Nau's attribution remains the standard reference for Ulm's medieval civic issues, though Binder's earlier classification occasionally diverges on die groupings for this type.