3 Pfennig - Frederick Ulrich Kipper

Frederick Ulrich's reign over Brunswick-Wolfenbüttel coincided almost exactly with the Kipper- und Wipperzeit, the currency crisis of 1619–1623 during which mints across the Holy Roman Empire debased coinage at a ruinous pace to exploit exchange rate arbitrage. Brunswick-Wolfenbüttel was among the more aggressive participants. Mints leased to private contractors — so-called Kippermünzmeister — flooded circulation with underweight small denominations, then fled before local governments could intervene.

By 1622, the crisis was near its peak. This 3 Pfennig is nominally silver but should be examined with that label skeptically — Kipper-era pieces of this type routinely contain silver content far below face value.