2 Pfennig - Frederick I

Frederick I had been King in Prussia for just two years when this piece was struck, having secured the royal title in 1701 through a deal with Emperor Leopold I — Prussia would supply troops for the War of the Spanish Succession in exchange for Habsburg recognition of the kingdom. The new royal dignity demanded a reformed coinage, and these small billon issues were among the first to carry the rex title.

At 0.22 g and barely 12.5% silver, the metal value was negligible even at issue.