These are the infamous "Ephraimiten" — debased coins struck under secret contract during the Seven Years' War, named after Veitel Heine Ephraim, the Berlin banker who held the minting concession from Frederick the Great of Prussia. After occupying Saxony and seizing the Dresden mint, Frederick systematically stripped the Saxon coinage of its silver content while continuing to strike pieces in the name of the captive Elector Frederick August II. The scheme financed Prussian war operations at Saxony's direct expense.
A contemporary jingle circulated in German: "Von außen schön, von innen schlimm, von außen Friedrich, von innen Ephraim." The coins flooded markets across the Holy Roman Empire.
These are the infamous "Ephraimiten" — debased coins struck under secret contract during the Seven Years' War, named after Veitel Heine Ephraim, the Berlin banker who held the minting concession from Frederick the Great of Prussia. After occupying Saxony and seizing the Dresden mint, Frederick systematically stripped the Saxon coinage of its silver content while continuing to strike pieces in the name of the captive Elector Frederick August II. The scheme financed Prussian war operations at Saxony's direct expense.
A contemporary jingle circulated in German: "Von außen schön, von innen schlimm, von außen Friedrich, von innen Ephraim." The coins flooded markets across the Holy Roman Empire.