Coins of Franz Joseph I. (Part II) - conventional and goldsmith's currency

We started our journey through the coins circulating in our territory in an unconventional way, in reverse chronological order, i.e. with the crown currency. With each subsequent article, we will uncover older and deeper "layers" of the history of metallic payments that circulated in our countries, as we do with metal detectors. Today, in the second part of the article, we will focus on the older conventional and Austrian currency. First, however, we should introduce in more detail the person of Emperor Franz Joseph I.

Franz Joseph I - the last great emperor

The first-born son of Archduke Franz Karl, younger brother of Emperor Ferdinand I and Princess Sophie Frederika of Bavaria, he was born on 18 August 1830 at Schönbrunn Palace in Vienna. In the turbulent revolutionary year of 1848, under pressure from his surroundings, Emperor Ferdinand I the Good abdicated due to the unrest in Vienna. The government was handed over to the then eighteen-year-old Franz Joseph on December 1848 (the de facto coronation of allHowever, the actual coronation did not take place; neither the Austrian imperial crown jewels nor any church dignitary were present at the ceremony). On 24 April 1854 he married his cousin Elisabeth, Princess of Bavaria (also known as Sissi), in the Augustinian Church in Vienna.

He entered European political consciousness in 1853 in connection with the Crimean War (1853-1856), when he failed to support his ally, Tsar Nicholas I of Russia. In 1859, Austria lost its independence during the Second Italian War after losing the Battle of Solferino for Lombardy, and in 1866, after the Austrian Empirethe crushing Prusso-Austrian War, the Austrian Empire lost the Veneto, thus depriving it of its possessions in northern Italy. The gradual transition from absolutism to a constitutional monarchy, the lost war with Prussia and the promotion of the dualist concept of states by the Hungarians in the framework of the so-called "Austro-Hungarian War". The Austro-Hungarian Settlement led to the dissolution of the Austrian Empire. The coronation of Franz Joseph I as King of Hungary on 8 June 1867 in Buda was the formal confirmation of the establishment of the Austro-Hungarian Empire. Despite repeated promises, however, Franz Joseph I was never crowned King of Bohemia.

Over time, the Emperor became a very popular and respected monarch who was known for his diligence and hard work. In his personal life, however, many tragedies followed him, such as the suicide of his son and crown prince Rudolf, the death of his beloved (though gradually estranged) wife Elizabeth in 1889 and the assassination of his nephew Franz Ferdinand in Sarajevo on 28. June 1914, which became the pretext for the outbreak of World War I. The Emperor died of pneumonia the second year of World War I, on 21 November 1916 in Vienna. Despite his severe illness, he worked hard until his last moments, as was customary for the aged potentate. He reigned for an impressive 68 years without just 10 days and to this day remains the longest reigning Czech monarch.

Franz Joseph I left a deep imprint on the history of Central Europe. He was the last great symbol of the absolutist monarchy, but he was also a ruler who had to face modern nationalism, industrialisation and social change. Although his empire disappeared shortly after his death, his name remains a symbol of an era.

Currency under Franz Joseph I.

The reign of Emperor Franz Joseph I was a key period in the development of the monetary system in Austria-Hungary. During this period, the monetary system underwent significant reforms (of which we have already introduced one), reflecting the modernising efforts of the monarchy and the changing economic and political conditions in Europe.

Conventional currency by the mid-19th century

At the beginning of the reign of Franz Joseph I, the so-called "currency" was used. In the early years of Joseph Joseph's reign, the conventional currency system (which we will discuss in more detail in the following articles) was based on the conventional coinage introduced in 1753 during the reign of Maria Theresa. The main unit was the gold (guilder), divided into 60 kreutzers. Two gold pieces (i.e. 120 kreutzers) were equal to one thaler. The coins were minted in denominations of ¼, ½, 1, 2 and 3 kreutzers in copper, 6, 10, 20 kreutzers, gold pieces and thalers in silver and 1, 4 ducats in gold. The mints in operation were Vienna(A)*, Kremnica(B), Prague(C) (In operation until 19 March 1856. The copper kreuzers and their parts from 1851 were only produced as test mints in dozens of pieces and are now extremely rare.), Karlovy Vary / Karlsburg(E) and Velka Baňa / Nagybánya(G).

However, by the mid-19th century this system proved to be outdated and insufficient for the needs of the growing economy. There was a need to stabilise the currency, where paper money would be exchangeable for precious metals.

A further complication was the system of bimetallism, in which two different metals are used as legal tender. Both gold and silver coins were in circulation, which caused problems with their real value depending on fluctuations in the price of precious metals.

The coins identical to the Italian monetary system minted for Lombardy-Venetia until 1859 at the mints of Milan(M) and Venice(V) are certainly worth mentioning. The mints issued denominations of 1, 3, 5, 10 and 15 centesimi in copper, ½ and 1 lira, ½ and 1 scudo in silver and ½ and 1 sovrano in gold. After the loss of Lombardy, in 1862 the minting of the copper ½ and 1 sordo for Veneto was still in progress at the mints of Vienna, Kremnica and Venice.

*The mint marks that can be found on the coins are marked in bold

Austrian (goldsmith's) currency

In 1857, a monetary reform was carried out in the Austrian lands by decree of 19 September 1857, ending the conventional currency and introducing the so-called Austrian (goldsmith's) currency. At the same time as the Austrian currency, the so-called customs pound of silver weighing 500 g was implemented, which was minted into 45 gold pieces, with one gold piece (guilder, florin, forint) being further divided into 100 kreutzers. This was the first time that the decimal system was introduced into the currency in force in our territory.

In the same year, a monetary agreement between the Austrian Empire, Liechtenstein and the states of the German Confederation came into force, which introduced a unified monetary system, the so-called federal currency (valid until 1867). Under the federal currency, the minting of the federal thaler weighing 18.51 g and 2 thalers weighing twice as much began. The Federal ½ and 1 crown in gold were also minted.

One federal thaler thus corresponded to the North and Central German thaler, 1 and ¾ gold or 105 kronor of the South German Union currency or 1 and ½ gold (150 kronor) of the Austrian currency. After its defeat by Prussia in 1866, Austria was forced to withdraw from the German Customs Union and joined the Latin Monetary Union. For this reason, gold coins of 4 and 8 gold pieces were issued, equivalent to 10 and 20 francs.

Within the Austrian goldsmith's currency, copper ½, 1 and 4 kreuzers were minted. 5, 10, 20 kreuzers and ¼, 1, 2 gold pieces in silver, ducat and 4 ducat in gold (production of 4 ducat did not take place in any of the Hungarian mints). Ražby rakouské zlatníkové měny probíhaly v mincovnách Vídeň(A), Kremnice(B), Karlovský Belgrade(E) and, until the loss of the northern Italian territories, in Milan(M) and Venice(V).

As a consequence of the Austro-Hungarian settlement, coins for the Hungarians were minted separately from 1868 in Zalitava, at the mints of Kremnica (now marked K.B.) and Karlovy Vary(GY.F.).

During the reign of Franz Joseph I. the issuance of commemorative coins and medals was also popular, which became a tool of state propaganda and were issuedissued not only at coronations, but also at important political and economic events. They were popular at their inception and are sought after by collectors to this day. Worthy of note are, for example, the goldsmith and 2 goldsmiths for the marriage of Franz and Sissi in Vienna in 1854 (two goldwas also issued for the silver wedding anniversary of the imperial couple), countless medals for theshooting competitions, the 1857 Federal 2 thaler for the completion of the Austrian Southern Railway from ViennaVienna to Trieste, a goldsmith's mark minted in Vienna to commemorate reaching a perpendicular depth of 1,000 metres at the St. Vojtěch in Březové Hory near Příbram, 2 goldsmith's dies to commemorate the reopening of the silver mines in Kutná Hora (very rare, about 400 pieces minted!) or coins imitating Hungarian historical coins issued for the 1000th anniversary of the Hungarian Kingdom.

The gold coinage remained in circulation officially until 1892, when Austria-Hungary switched to a crown currency based on the gold standard. The federal currency then contributed to the economic unification of Central Europe.

Treasure Hunter Highlight - or the best of conventional and goldsmith's currency found by a metal detector

• 1856 Vienna ducat with portrait by engraver Konrad Lange: On the Meadows of the Manor

• 1863 Federal Thaler by Valdstein: An incredible joy

• 2 goldsmith 1871 by Detek33: A great joy

• Wonderful goldsmith 1861 by user zero: Goldsmith

• 20 Krejcar 1852 by exmail: 20 Krejcar

• 10 Krejcar 1859 Venice from user plantaznik: Today's Frankie

• Hungarian Revolutionary 6 Krejcar 1849 by user JohnyGL: Hat Krejcar

• Krejcar 1851 in extraordinary preservation by user jaccob: As seen in the magazine