48 Kreuzer - Joachim Ernest Kipper

The Kipper und Wipper crisis of 1621–23 was one of the most destructive currency debasements in German history, driven by petty princes and minting contractors who systematically debased coinage to extract seigniorage profit during the early Thirty Years' War. Brandenburg-Ansbach's Margrave Joachim Ernst was among the participants, operating emergency mints that churned out overvalued, underweight silver pieces — the 48 Kreuzer being among the highest denominations of this debased output. When the Imperial Reichstag moved to suppress the crisis, most of this coinage was recalled or repudiated at a fraction of face value.