Sources for numbers and data
Kipper und Wipper 1619–23
Sources for numbers and data
A list of where the numbers in the figures and text come from in which sources. Click the heading to open.
Read moreNumerical ledger (11 entries)
Read moreSources for the numbers in the figures
| Diagram | What the figure represents | Value | Date/Period | Source and location |
|---|---|---|---|---|
| Fig. 1 | Diagram without numbers | — | — | — |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 37.5 | 1614-12 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 38.8 | 1615-08 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 41.0 | 1616-01 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 41.0 | 1616-08 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 40.5 | 1617-04 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 41.5 | 1617-08 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 42.0 | 1617-09 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 42.0 | 1617-11 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 42.5 | 1618-07 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 43.0 | 1618-09 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 44.0 | 1618-11 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 46.5 | 1619-09 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 48.0 | 1619-10 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 52.0 | 1620-08 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 53.0 | 1621-02 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 54.5 | 1621-03 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 54.0 | 1621-05 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 2 | Exchange rate of 1 Thaler in Hamburg (in shillings) | 48.0 | 1622-05 | W. A. Shaw 1895 p. 208 (collated with page image) |
| Fig. 3 | Meeting of the Wardens in Nuremberg | — | 1618-05 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 1 Gulden 36 Kreuzer | — | 1619-10-20 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 2 Gulden | — | 1620-11-09 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 5 Gulden 30 Kreuzer | — | 1621-12 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 8 Gulden 30 Kreuzer (peak of the table) | — | 1622-02 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 2 Gulden 52 Kreuzer | — | 1622-06-16 | W. A. Shaw 1895 |
| Fig. 3 | Guldenthaler at 1 Gulden 20 Kreuzer | — | 1623-04 | W. A. Shaw 1895 |
| Fig. 4 | Assay shows small-denomination coins are 43% below their official value | — | 1596 | — |
Read moreWhat can be known from the sources
The historical sources are divided into three layers. First, there is the law. The Imperial Minting Ordinance of 1559 and the Imperial Diet Resolution of 1566 can be read in Part 3 of the 'Collection of Imperial Diet Resolutions' published in 1747, from digital images provided by the Bavarian State Library. An imperial edict of December 1563 reprimands many cities for not yet having promulgated the ordinance, documenting from the legal side the distance between law and reality.
Second are the exchange rate tables. The records of the monetary conventions and assay assemblies of the Circles are compiled in Hirsch's 9-volume *Reichsmünzakten*, from which Shaw in 1895 reprinted the exchange rate tables for the Guldentaler and Goldgulden for the entire Empire, adding tables for Brandenburg (Fidicin) and Hamburg (Soetbeer). In the table for the entire Empire, the same rate of 2 Gulden 52 Kreuzer appears six times between May 1621 and June 1622, and Shaw does not explain its nature. The chart on this page is drawn from the Hamburg and Brandenburg tables, which do not have this repetition.
Third are contemporary publications. The broadsheets and poems from 1621 to 1622 are registered in VD17 (Verzeichnis der im deutschen Sprachraum erschienenen Drucke des 17. Jahrhunderts) and have been transcribed on Wikisource. I have read *Epitaphium des guten Goldes* (Augsburg, Martin Wörle), *Neuer Dialogus der Müntz*, a “New Tidings” of money changers being punished by God, and *Der Juden Kipper und Wechsler*. Shaw also lists three songs from 1621 and titles held by the British Museum, and Rosseaux (2001) deals with this event as a publication in a single volume (this book is not included in the sources cited here).
Kindleberger's 1991 paper, considered a pillar of research on the topic, is behind a paywall, so I could only confirm its title and publication. The same applies to Paas's (2012) collection of broadsheets. The teaching material's claims that “food prices rose about eightfold” and “small change was worth one-fifth of its face value” are matched by the same numbers in a 2012 Smithsonian magazine article, which does not explicitly cite its source but lists Kindleberger as a primary authority. The 1888 edition of Meyer's encyclopedia states that “in 1621, one good Thaler was worth 7 to 8 Thalers, and in 1623, 16 to 20 Thalers,” also without citing a source. In the main text, I have only included figures that can be verified in the exchange rate tables.
Contemporary Records
- Epitaphium oder Deß guten Geldes Grabschrifft (Broadsheet, Augsburg, 1621/22)
- Colloquium novum monetarum, Das ist: Ein schönes newes Gespräch Von dem jetzigen Vnertreglichem Geldauffsteigen / vnd elenden Zustandt des MüntzWesens (1621)
- Ein Erschröckliche Newe Zeittung so sich begeben vnd zutragen In disem 1621 Jar mit eim Geldtwechßler (Broadsheet, 1621)
- Der Jüdische Kipper und Auffwechßler (Broadsheet, 1622)
Institutional Accounts
Research
Popular Books
- Kipper und Wipper — Meyers Konversations-Lexikon, 4. Auflage, Band 9 (1887), S. 745 Cited as a source for the common story. Not used for factual explanations
- “Kipper und Wipper”: Rogue Traders, Rogue Princes, Rogue Bishops and the German Financial Meltdown of 1621–23 Cited as a source for the common story. Not used for factual explanations
Scale of price increases
No summary figures
Food approx. 8x / 1/5 of face value in 1621
Same figures. Does not cite source, lists Kindleberger 1991 as main reference.
Mike Dash 20121 good Thaler = 7-8 Thalers in 1621, 16-20 Thalers in 1623 (no source)
Bibliographisches Institut, Leipzig 1887Agio on good coin: May 1618, 1 fl 22 kr → Feb 1622, 8 fl 30 kr. Not food prices.
W. A. Shaw 1895Positioned as 'the first great inflation in German history'
The first great inflation
The greatest inflation in the history of the Holy Roman Empire
Deutsche BundesbankA monetary system unparalleled in history in terms of confusion (expression from 1895)
W. A. Shaw 1895Origin of the name
Both words refer to the action of sorting out good coins with a fast balance.
Senta Herkle・Marius Wieandt 2022kippen = to clip, wippen = to toss onto the scale pan so it dips
Bibliographisches Institut, Leipzig 1887Money changers kept shaking the scales to confuse onlookers.
Mike Dash 2012“The state itself became a counterfeiter.”
The state itself became a counterfeiter
Distinguishes between violations by minting lords, punishable by a fine (§31), and counterfeiters, subject to corporal punishment (§§160–161).
Emperor Ferdinand I and the Imperial Estates, 1559The line between imitation and debasement was thin.
Oliver Volckart 2017Read moreBibliography (15 items)
- Käysers Ferdinandi neue Münz-Ordnung samt Valvirung der gülden und silbern Müntzen, und darauf erfolgtem Kayserl. Edict zu Augspurg, alles im Jahr 1559 auffgericht und beschlossen (Imperial Minting Ordinance, Augsburg, 19 August 1559) Emperor Ferdinand I and the Imperial Estates — Part 3 of *Neue und vollständigere Sammlung der Reichs-Abschiede* (ed. Senckenberg & Schmauß, Frankfurt 1747) pp.186–200. OCR from Bayerische Staatsbibliothek (MDZ) bsb10492672・1559-08-19・Open source
- Epitaphium oder Deß guten Geldes Grabschrifft (broadsheet, Augsburg, 1621/22) Martin Wörle (Brieffmaler, Augsburg) — Transcription from Wikisource (based on a digital image from the Staats- und Stadtbibliothek Augsburg. VD17 12:666426W)・1621・Open source
- Colloquium novum monetarum, Das ist: Ein schönes newes Gespräch Von dem jetzigen Vnertreglichem Geldauffsteigen / vnd elenden Zustandt des MüntzWesens (1621) 'Vel Quasi' (pseudonym) — Transcription from Wikisource (VD17 3:622624M. Image from Wikimedia Commons)・1621・Open source
- Ein Erschröckliche Newe Zeittung so sich begeben vnd zutragen In disem 1621 Jar mit eim Geldtwechßler (broadsheet, 1621) Author unknown — Transcription from Wikisource (based on: *Deutsche Einblattholzschnitte 1500 bis 1700*, Digitale Bibliothek, Berlin 2003)・1621・Open source
- Der Jüdische Kipper und Auffwechßler (broadsheet, 1622) Author unknown — Transcription from Wikisource (image from Wikimedia Commons)・1622・Open source
- The Monetary Movements of 1600–1621 in Holland and Germany W. A. Shaw — Transactions of the Royal Historical Society, New Series 9 (1895), pp.189–213 (copy from Internet Archive)・1895・Open source
- Premodern Debasement: A Messy Affair (LSE Economic History Working Papers No. 270/2017) Oliver Volckart — London School of Economics, Department of Economic History・2017-12・Open source
- Das besondere Objekt: Die Kipper- und Wipperzeit von 1618 bis 1623 Deutsche Bundesbank (exhibition commentary from the Money Museum, 2-page PDF)・Open source
- Kipper- und Wipperzeit (Theme module 'The Thirty Years' War') Senta Herkle・Marius Wieandt — LEO-BW (Landesarchiv Baden-Württemberg)・2022-08-02・Open document
- Währung (bis 1800) [Currency (until 1800)] Hubert Emmerig — Historisches Lexikon Bayerns (Bayerische Staatsbibliothek)・2010-11-23・Open document
- Kipper und Wipper — Meyers Konversations-Lexikon, 4. Auflage, Band 9 (1887), S. 745 Bibliographisches Institut, Leipzig — Transcription on Wikisource・1887・Open document
- “Kipper und Wipper”: Rogue Traders, Rogue Princes, Rogue Bishops and the German Financial Meltdown of 1621–23 Mike Dash — Smithsonian Magazine (2012-03-29)・2012-03-29・Open document
- The Economic Crisis of 1619 to 1623 Charles P. Kindleberger — Journal of Economic History 51(1)・1991-03・Open document
- The Kipper und Wipper Inflation, 1619–23: An Economic History with Contemporary German Broadsheets Martha White Paas (with John Roger Paas and George C. Schoolfield) — Yale University Press・2012・Open document
- Die Kipper und Wipper als publizistisches Ereignis (1620–1626) [The Kipper and Wipper as a Publicistic Event (1620–1626)] Ulrich Rosseaux — Duncker & Humblot (Schriften zur Wirtschafts- und Sozialgeschichte 67)・2001・Open document
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