Holy Roman Empire, City of Lübeck, Gulden 1797

The coinage of Early Modern Times was complicated. In many places two parallel currencies were in use: a non-issued currency for calculation and bookkeeping, and an actually circulating currency. In the north of the German lands, people calculated in talers worth 90 kreuzers but paid with guldens worth 60 kreuzers. In the south, the taler of account was calculated at 24 groschen (groat), while specie-talers worth 105 kreuzers were in circulation. The gulden of southern Germany thus equaled 2/3 of a taler of account. Since guldens were popular trading-coins, they were soon integrated into the northern coinage system. Depending on the region in which they were minted, these guldens were labeled as 2/3-taler, 16 gute groschen (good groat), 24 Mariengroschen (groat of Mary) or 32 lübische schillinge (Lübeck shillings).