The standard here detailed, the 24-1/2-gulden or South German standard, was assimilated to the Prussian system in the Dresden Convention, 1838 (see text, p. 205), and in that connection remained intact until the developments of modern times detailed in the text, p. 215.
The Prussian monetary system, as a separate identity, took its rise in that same period which witnessed the independent action of Austria, above detailed. Its builder was Frederick the Great, who, for this purpose, called in the advice of a Dutch merchant, Philip Graumann. It is to this latter that is due the introduction in 1750 of the 21-gulden or 14-thaler standard, otherwise known as the Graumann standard.
Thaler = 10-1/2 to the mark, 12 loth fine (mark of fine silver therefore = 14 thalers or 21 guldens).
Thaler = 24 groschens = 288 pfennige (24 × 12).
Groschen and 1/2-groschen minted as divisional coins (= 1/24 and 1/48 thaler) of billon.
After the temporary debasement during the Seven Years' War, the Graumann standard was re-established in 1764, but with two differences.
1. The minting of 1/2 and 1/4-thaler pieces of 12 loth silver was ordered to cease from 1766, and to be replaced from 1764 by--
1/3 thaler, 10-2/3 loth, 28 to the mark } 1/6 " 8-1/3 " 43-3/4 " } 14-thaler standard. 1/12 " 6 " 63 " }
2. The billon divisional money (minted primarily for the Provincial States of Prussia) was greatly increased in the amount of its issue, but depreciated in standard on a varying scale according to the districts intended, Silesia, Cleves, etc., reaching in some cases even to an 18-thaler standard. Up to 1772 there was issued in these depreciated single and double-groschen pieces an amount equal to 8,979,189 thalers. Subsequently, the standard of divisional money was reduced to 21 thalers, and at this rate, up to the death of Frederick in 1786, there were issued in 6-pfennige and other pieces 12,586,863 thalers' worth. From this time onward, up to the decrying of this depreciated divisional money at the peace of Tilsit, there was minted a matter of 29,628,807 thaler worth.
The total, therefore, was 42,215,670 thalers; the pure silver content of which was only 28,243,780 thalers.
By the publicandum of 4th May 1808, and the edict of 13th December 1811, the value of this mass was reduced, the coins being set at from two-thirds to four-sevenths of their normal value, so that--