Pfennig - Leopold VI Vienna

Leopold VI ruled Austria and Styria simultaneously from 1194 until his death in 1230, and his Viennese mint was among the most productive in the German-speaking lands during this period. The bracteate-adjacent pfennigs of this era circulated under periodic renewal ordinances — Verrufung — requiring subjects to exchange old coins for new ones at a fee, a fiscal mechanism that made hoarding actively punitive and drove consistent reminting cycles throughout his reign.