The eagerly awaited exhibition of the Princes' Gold – Royal Representation in Transylvania collection, which is worth billions, is going to be viewable by the Hungarian public soon. The exhibit, which includes over 200 artefacts provided by the Money Museum, was saved from Transylvania on the 28^th of February in 2025 by the central bank’s armoured car, and the collection will be on display at the Hungarian National Museum from the 15^th of March.
Here is some key information about the treasures. The coin minting of the Principality of Transylvania is a notable numismatic curiosity, primarily due to the region's political dependence on the Ottoman Empire, which resulted in substantial tax obligations. This led to a consistent outflow of currency, resulting in the survival of only a limited number of coins from this period. The rarity of these coins contributes to their significant value. Furthermore, it is interesting to note that the history of more than 120 years of the Principality of Transylvania is represented on these coins.
Guldiner, then thaler

The predominance of silver coins over gold coins in medieval Europe can be attributed to the greater abundance of silver in the ore mines of the region. The 'ancestor' of the thaler, the 'Guldiner', was first issued in 1486 in Hall, near Innsbruck. Weighing 15 lats (nearly 32 grams), this coin was made of very fine silver (937.5/1000) and was highly valued. The coins' design and craftsmanship were of the highest standard, and their value and appearance matched those of the gold forint (florin). The coins' silver content was guaranteed by the oath of the master of the mint, and any violation of this oath was punishable by death. The first ruler of the Kingdom of Hungary to introduce thalers was Ferdinand I, who commissioned their minting in Kremnica (Körmöcbánya) in 1553. The value of the coin was set at 93 Hungarian denarii a year later, but by the close of the century it had increased, reaching 130 denarii in 1619. By the end of the century, the value had risen to between 180 and 190 denarii. During this period, the ratio of the value of the gold forint to the silver thaler was typically 1:2.

The historical background of the Principality

The Principality of Transylvania was established in 1570 under the terms of the Treaty of Speyer, though the region had been independent since 1526. Following the defeat of King Louis II at Mohács, which resulted in his death, two kings were crowned to rule Hungary: Ferdinand I of the Habsburg family, who also held the title of German-Roman Emperor, and John I of the Zápolya family.  The Zápolya family, which was also related to the ruling house of Poland, became the most influential noble family in the Kingdom of Hungary in the early 16^th century. After John Zápolya's death in 1540, his son John Sigismund Zápolya was given the title of ruler, although he was only a few months old at the time. His inaugural coinage, a gold ducat, was minted in 1556 in Nagybánya (Baia Mare), modelled after the medieval Hungarian gold forint. In 1562, he also introduced a new currency in the Principality, the silver thaler. The silver thaler minted by John Sigismund in 1562 in Nagyszeben (Sibiu) is the oldest piece of the 220 silver thaler collection purchased by the Magyar Nemzeti Bank in 2016 and is on display in the "Princes' Gold" exhibition.

János Zsigmond 1562-ben Nagyszebenben veretett ezüst tallérja

János Zsigmond 1565-ben Nagyszebenben veretett ezüst tallérja

Inscription: IO × SE × REX × VN, i.e. Johannes Secundus Rex Hungariae, John II, King of Hungary

 A new monetary system emerges
One of the most basic peculiarities of the Principality of Transylvania's coinage is that it did not have its own mint or monetary system. The ducats minted by the princes were modelled on the Hungarian gold forint, while the thalers followed the Austrian silver pattern, and denarii, groschen and oboli used in everyday life were hardly ever minted. Some princes did not issue such small coins at all. This was primarily due to the taxes paid to the Ottoman Empire, which only accepted coins of significant value, such as ducats and thalers. Consequently, in everyday life, Hungarian and Polish small-coin change was widely used in Transylvania. However, by the end of the 16th century, 10,000 silver thalers were exported annually to the Ottoman Empire as tribute.

Portraits on the coins of Princes
However, the silver thalers minted in Transylvania fulfilled a dual purpose: they were intended to appease the Sultan's appetite for taxes but also played a significant role in the princes' representation of power.
In the early modern period, European monarchs were depicted in paintings and engravings, while the public knew princes primarily from portraits on coins. As princes rose to power, they began minting new coins featuring their own portraits, thereby legitimising the legitimacy of their rule. These coins served as the first official portraits of the rulers' iconography, and the faces on the coins are widely regarded as the most authentic representations of the Transylvanian princes.
A notable example is that of Stephen Báthory, the first elected prince of the independent Transylvanian state, who had his coat of arms on the coins he minted, as well as his own portrait. Báthory was also elected King of Poland in 1576 and successfully led several campaigns of territorial conquest, which he inscribed in a circumscription on the silver thaler issued in Nagybánya in 1585.

On the obverse (heads), the prince is depicted wearing a crown (from his title as King of Poland), adorned in ornate armour and holding a king's sceptre in his hand. The reverse of the coin features a shield divided into four sections below the crown, with the Polish coat of arms in the first and fourth fields and the Lithuanian in the second and third fields. The reverse also bears the mark of the Nagybánya mint and the year of minting, as well as the Latin circumscription inscription 'Stephanus Dei Gratia Rex Poloniae Magnus Dux Litvaniae | Russiae, Prussiae, Masoviae, Samogitiae, Livoniae, Princes Transilvaniae'. Stephen, by the Grace of God, King of Poland, Grand Duke of Lithuania, | Russia, Prussia, Mazovia, Samogitia, Livonia and Prince of Transylvania.

Coin as an official portrait
The Money Museum is proud to house a significant collection of silver coins minted by Transylvanian princes, including a remarkable array of thalers minted during the rule of Zsigmond Báthory. These coins are particularly notable for their high aesthetic quality, with some pieces regarded as the most authentic depiction of the Transylvanian princes. Following their election, almost all the princes minted a thaler, with engravings and paintings typically created later. Consequently, artists of the time often used coins as a reference for these depictions.

Báthory Zsigmond 1589-ben Nagybányán veretett ezüst tallérja

Weak currency
Despite their aesthetic appeal and historical significance, Transylvanian thalers were valued at approximately 7% less than the Austrian thalers that served as a model by the close of the 17th century. The cause of the Transylvanian coinage debasement can be traced back to the series of wars and political crises that raged the 16th and 17th centuries. The weakest Transylvanian thaler, minted by Ákos Barcsay in Brasov in 1660, had a value 15% lower than the Austrian example due to its lower silver content. This coin does not feature the image of a proud monarch or a portrait of the prince. Instead, it features an obsecration to God: 'De Profundis Clamavi Ad Te, Domine', meaning 'From the depths I cried out to you, O Lord’. Akos Barcsay held the title of Prince of Transylvania for a mere three years, having been appointed by the Grand Vizier Mehmet Köprülü to lead Transylvania in a revenge campaign against Prince Francis II Rákóczi for his political disobedience. As part of the punishment, the Sultan demanded a one-time war tribute of 500,000 thalers from the prince, as well as 80,000 thalers in taxes annually, which exhausted the resources of the Principality of Transylvania. In 1660, the year in which the thaler was issued, George II Rákóczi died in battle and Ákos Barcsay resigned the principality. He was captured and executed by the next prince, John Kemény.

Minting at its zenith
Transylvania experienced a period of relative stability under the rule of Michael I Apafi in the second half of the 17th century, spanning nearly thirty years. During this time, coin minting in Transylvania reached its zenith. A total of seven mints were operational during this period, located in various places, including Banská Štiavnica (Selmecbánya), Brașov (Brassó), Alba Iulia (Gyulafehervár), Cluj Napoca (Kolozsvár), Sighisoara (Segesvár), Sibiu (Nagyszeben), and Făgăraș (Fogaras). The most valuable silver coins from this era are on display in the exhibition Princes' Gold.

Apafi Mihály 1662-ben Brassóban veretett tallérja

Apafi Mihály 1671-ben Kolozsváron veretett tallérja

The coinage presser is a real rarity
The silver thalers on display range in diameter from 42-46 mm and weigh on average 28-29 grams. The Princes' Gold exhibition also includes 13 minting coinage dies from the Money Museum, which were once used to make coins. However, as most of these were melted down to make new coins, it is even rarer that any survive. From the late 16th century onwards, mechanical coin minting equipment also appeared in Transylvania, with the most advanced equipment being used in Baia Mare (Nagybánya). Alongside these machines, minting with a hammer also survived in Transylvania for a significant period, and most of the silver coins issued were produced using this method.

Az Apafi Mihály által 1667-ben Brassóban veretett ezüst tallér előlapi alsó verőtöve

The Transylvanian princes were renowned for their large, artistically crafted silver thalers. These were produced by placing a blank piece of metal (a planchet or flan) of the correct weight between two dies. The upper die was then struck with a hammer to produce the required image on both sides. The rounded shape was then cut from the typically irregularly shaped blank piece of metal. This process was also done by hand, occasional inaccuracies can be seen in the thalers on display.