Poland AR 3 Polker
Poland. AR 3 Polker
Polish–Lithuanian Commonwealth was issued during the 17th century between 1614 – 1627AD. These late medieval three poker coins were issued during the reign of Sigismund III Vasa, who ruled as the King of Poland and Grand Duke of Lithuania from 1587 to 1632. They were struck to address the financial crisis and rising inflation due to the 30 Years War. Three polker coins were minted with a relatively high silver content and purity in the early years of about 80%. The higher silver content resulted in these coins being hoarded in neighboring countries.
By the 1620s, the coins were widely distributed throughout Transylvania. They were very popular and existed alongside the depreciated local currency that was common due to the inflation that unfolded again thanks to the 30 Years War. The high silver purity of the coins also began to decline as inflation continued. This was reflected in exchange rates established by the Transylvanian Diet, a judicial and legislative body of the Transylvanian Principality under Prince Gabriel Bethlen.
This coinage was also sharply debased. This group is from a hoard of the early period with higher silver content. By 1626, Prince Gabriel Bethlen implemented a monetary reform, as we see so often throughout the monetary history following any war. He collected these coins, melted them down, and then forged three polker coins with the lower silver content. We see that the Roman Emperor Trajan did the same, melting down the old coinage and issuing debased denarii. Thus, history repeats because human nature never changes.
