48 Kipper Kreuzer - Ferdinand II Klagenfurt

The Kipper- und Wipperzeit — roughly 1619 to 1623 — was one of the most destructive currency crises in Central European history, driven by opportunistic minting authorities who systematically debased coinage to fund the early costs of the Thirty Years' War. Klagenfurt's output during this window was prodigious and deliberately fraudulent: coins struck well above face-value denomination from billon so debased it barely qualified as silver.

The Herinek range 832–846 reflects the sheer number of die variants produced at pace, consistent with a mint working at volume rather than precision. When the Imperial Recess of 1623 finally mandated revaluation, these 48 Kreuzer pieces were recalled and revalued at a fraction of face — most holders took catastrophic losses.