of conflicting depreciations, and at the close Austria took a decisive step. Without taking any measure to secure the co-operation of the Circles, or any part of the Empire, the Emperor Francis I. adopted the 20-gulden standard (the mark of fine silver = 13 1⁄3 Reichs thalers = 20 guldens). It was at once adopted in Hungary and Bohemia, the territories of Maria Theresa.
Frederick Augustus, Elector of Saxony and King of Poland, was the first to adopt this Austrian standard, at Dresden in 1750, though with a very slight variation (putting the mark of fine silver at 13 3⁄8 Reichs thalers instead of 13 1⁄3). In 1753 Bavaria also acceded to the 20-gulden standard, after a brief attempt (1747-1753) at the erection of a 24-gulden standard, and in the following year the Austrian system was adopted by Brandenburg-Anspach, Bayreuth, Würzburg, and