Early History
In 1559 a value of 60 Kreuzer to 1 gulden had been adopted throughout the Southern states of the Holy Roman Empire, but the northern German states declined to join, and used Groschen instead of Kreuzer. The Kreuzer in turn was worth about 4.2 Pfennig, or pennies. Thus one (golden) Gulden was worth 60 Kreuzer, or 252 Pfennig. Later currencies adopted a standard relationship of 240 Pfennig = 60 Kreuzer = 1 Gulden.
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