The Austrian Currency System, along with the Austrian Weights and Measures, was reformed first in 1403 on the behest of Archduke Albert IV. This standardization and reform of the economy in Austria was brought upon by the heavy debts that Albert was incurring by funding the building of multiple churches in the Vatican, along with the creation of His Highness' Most Vaunted Archducal Guard. The Currency system became the only legal currency to use in Austria, while the Mint of Tyrol and Mint of Vienna were created in order to be the only legal manufacturers of coins in use in Austria in order to maintain quality 0.95 fine silver and gold in coinage, with huge crucibles to maintain purity within the mints. In combination with the Reform to the rest of the weights and measures, standardizing them across Habsburg domains, the currency, based on the Silver Pfund, became one of the most reliable in Europe, rivaled only by the Pound Sterling, and the Venetian ducato.
Albertian Currency Reform (1403)
Simplified Table and Explanation
Metric Value (g)
1 Dram, 3 scruple
Geldmarke (Six Dram)
In essence, the Austrian Pfund was shown in two different forms, a silver bullion bar weighing exactly one Pfund and a gold coin weighing exactly six Dram, or one Geldmarke, subdivided into three Gold Marke, subdivided into twenty one silver Thaler, both coins weighing two Dram each. The Thaler is further subdivided into four Silver Groschen, the lowest silver coin. In essence, one Pfund is worth Two Hundred Fifty Two Groschen. There is also a lower subdinomination, the copper pfenning, however this coin is used primarily by accountants and peasants, and thus escapes the notice of respectable folk.