The Maria Theresa Thaler

The Maria Theresa Thaler is probably one of the most famous and well known coins of the world circulated for over two centuries and are still minted today, largely for collectors. Many historians consider it to be the first example of a truly international currency, like the US dollar or the Euro.

The origin of the term thaler goes back to the 16th century and the opening of silver deposits at St. Joachimsthal in Bohemia. Here the Counts of Schlick were given the right by the Habsburg court to mint coins in their own names, and their large silver coins became known as thalers (also often spelled taler), short for Joachims-thaler, “the ones from the St. Joachim valley.” The Dutch picked up the word in the 17th century and called their own silver coins daalder, which English-speakers naturalized as “dollar.” Meanwhile, thaler also became a generic name for any large silver coin. Pronounced tah-ler and known by numismatists and scholars simply as the MTT. Its design, luster and fine detail have earned it a reputation as one of the most beautiful coins in the world. Arabs have referred to it as abu nuqta (”the one with the dots”), abu tayr (”the one with birds”) and abu reesh (”the one with feathers”), all allusions to features of its intricate design. Particularly on older strikes earlier than about 1850, almost each individual coin shows minor differences. Such differences help specialists to determine the origin and strike date of individual specimen. A close examination of more than 20 coins struck in Venice between 1817 and 1833 showed that nearly all coins were struck from different dies.

The Talers provides a list of major variants. This list is not complete and is being extended on an ongoing basis. There are somewhere between 100 and 150 major variants, and an uncountable number of strikes with minor differences. The Maria Theresa Thaler was used in the early United States, and is still found across the Middle East. Large silver coins named Joachimsthalers after the silver mines in Bohemia - later abbreviated to thaler, daler or dollar - were first minted in the 16th century.

The Maria Theresa thaler was first struck in 1741 and imperial state mints operated throughout Austrian territories. As the coin’s importance grew it was also produced in Britain, France, Italy and India. It kept its value as a result of its high silver content, unlike other coins which were adulterated with dubious metal alloys. After Maria Theresa’s death in 1780 the coin continued to be struck since it was vital for trade. With the decay of Ottoman power and the ascendancy of European interests in the Middle East, the MTT filled a need and fast became the most acceptable currency for trade. Thalers circulated throughout the Red Sea region, the Horn of Africa, the Americas and as Far East as China. Until recently, carrying bags of thalers was essential (albeit risky) for travelers journeying into the interior. Also a great place took MTT in jewellery fashion. It is known head-dresses with chains of thalers, chokers, necklaces, armbands, bracelets, anklets, rings, belts, brooches to attach to face veils or headscarves. Prized aesthetically for their remarkable lustre, thalers have been used by generations of craftsmen in the creation of traditional jewellery, also serving as a kind of portable bank since nomadic tribes wore their wealth while on the move, and indicating a woman’s tribal or regional identity. This unique silver coin was a part of the dowry system; was used as a charm to ward off evil spirits; was believed to contain healing powers. To this day, the thaler retains a special place in the making of jewellery and ornaments, and has inspired international couturiers such as John Galliano in their catwalk shows.