1 Pfennig - Ulrich III von Spanheim Stein

Ulrich III ruled Carinthia during a period of intense dynastic competition among the Spanheim successors, and his pfennigs were struck as regional fractions for local trade rather than ducal prestige — functional issues in a fragmented Alpine monetary zone where dozens of small minting authorities operated simultaneously. The Stein mint reference distinguishes this from Ulrich's other striking locations, a detail that matters considerably for attribution given how closely related the dies across his issues can appear.