Thaler

The reign of Stanisław August Poniatowski (1732-1798) was a period of numerous reforms. The Election Sejm obliged the new king, among other things, to carry out a monetary reform and introduce a new stable currency in Poland. Thanks to loans, the king was able to deliver on that promise and launch a modern mint in 1766. In 1771 Stanisław August took over minting in the state, financing it from his coffers. The presented thaler is an example of great care not only for the quality of coins, but also for their artistic value. The obverse features a realistic portrait of the ruler wearing a buckler and the chain of the Order of the White Eagle. In fact, this is the only type of thaler (apart from trial ones) featuring such an image. On the reverse side there is a crowned, round, four-field escutcheon of the Kingdom of Poland and Lithuania with the ruler's family coat of arms placed on it. The escutcheon is surrounded by an oak-laurel wreath with the Order of the White Eagle hanging from it and the Order's ribbon woven into it. The inscription informed that ten thalers were minted from the Cologne mark of pure silver. This was the so-called conventional rate used in many countries of the German Reich. The reform in Poland did not take into account the rate in force in Prussia, according to which 10 ½ thalers were made from a single mark. As a result Polish coins were exported to Prussia, and inferior money flowed into Poland. Despite this, the Polish system was not fixed for 20 years, and the losses of the mint were covered by the king personally. In 1787, much to the chagrin of the king, a partial minting reform was carried out, and the rate was slightly increased, which made exporting Polish coins less profitable. In May 1794 the King was deprived of the privilege of minting coins and the mint was taken over by the Treasury Commission. Another reform of the Polish monetary system was carried out, making the mint rate of Polish coins equal to Prussian coins. This reform completely stopped the outflow of Polish silver to Prussia.

Mieszko Pawłowski