Thaler - Later German Thaler

Later German Thaler

The zenith of Thaler minting occurred in the late 16th and 17th centuries with the so-called "multiple Thalers", often called Lösers in Germany. The first were minted in Brunswick, and indeed the majority were struck there. Some of these coins reached colossal size, as much as sixteen normal thalers. The original reason for minting these colossal coins, some of which exceeded a full pound (over 450g) of silver and being over 12 cm in diameter, is uncertain. The name "löser" most likely was derived from a large gold coin minted in Hamburg called the Portugalöser, worth 10 ducats. Some of the silver löser reached this value, but not all. Eventually the term was applied to numerous similar coins worth more than a single Thaler. These coins are very rare, the larger ones often costing tens of thousands of dollars, and are highly sought after by serious collectors of Thalers. Few circulated in any real sense so they often remain in well-preserved condition.

In the Holy Roman Empire, the Thaler was used as the standard against which the various states' currencies could be valued. One standard introduced by Prussia was the Reichsthaler, which contained one fourteenth of a Cologne mark of silver. In 1754, the Conventionsthaler was introduced, containing one tenth of a Cologne mark of silver.

In 1837, the Prussian thaler became part of a currency union which set the value of the southern German gulden at 1.75 per thaler. By 1850, nearly all German states used this standard of Thaler, though with differing subdivisions.

In 1857, the Vereinsthaler was adopted by most German states as well as in the Habsburg Empire. Vereinsthalers were issued until 1871 in Germany and 1867 in Austria. Within the new German Empire, vereinsthaler coins circulated as 3-mark pieces until 1908 when they were withdrawn and demonetized. Some old countermarked thalers circulated as emergency coinage in Germany during the inflationary period following its defeat in World War One.

The Maria Theresa thaler was still used during the 20th century in Ethiopia and throughout much of the Arab Peninsula.