In 1407, in the Bishopric of Würzburg, pfennige were Page 362 minted at a tale of 400 to the mark and 6 loth fine; Heller 544 to the mark and 4 loth fine. Fifty years later, at Nürnberg, pfennige were being minted 512 to the mark and 5 1⁄4 loth fine (= 1560 8⁄21 to the mark of fine silver), and Heller at 704 to the mark and 3 1⁄2 loth fine (= 3218 2⁄7 to the mark fine).
The course of depreciation proceeded from the unregulated, irresponsible mintings of the small states, and from base financier craft. During the fourteenth century it proceeded apace, in spite of the attempts at a reform made by the Emperor Charles IV. In 1356 he prescribed the minting of the mark of silver into 31 schillingen 4 heller (or 376 hellers), but the ordinance remained