12 Kreuzer - Ferdinand II Small Arms

Hagenau's 12 Kreuzer issue of 1621–22 belongs to the chaotic flood of emergency coinage produced by Alsatian towns during the Kipper- und Wipperzeit, the inflationary crisis that swept the Holy Roman Empire in the early 1620s. Municipalities, princes, and ecclesiastical authorities all debased their silver issues aggressively during this period; Hagenau was no exception. The city held imperial free status, which gave it minting rights — but the coins it produced under those rights during this episode were worth considerably less than their face value suggested.