Silver Wealth in the Ore Mountains
Even before 1517, silver mining had begun to rapidly develop in the mortgaged lands of the Elbogen (Loket) region, in an abandoned Ore Mountain valley known simply as Tal (Valley) by German miners, later renamed Joachimsthal (Joachim’s Valley, later Jáchymov).
The mortgage rights to these royal lands were held by the Schlick family, owners of the nearby Elbogen (Loket) castleand leaders of the mining consortium that heavily invested in mining operations on the Bohemian side of the mountains.
Their investments soon showed great promise. Reports of the fabulously rich silver veins spread quickly, and within a few years, tens of thousands of miners, mining specialists, skilled craftsmen, merchants, officials, speculators, and others found a new home under the patronage of Saint Joachim.
The original mining settlement swiftly transformed into one of the most populous cities in Central Europe.
Contemporary depiction of silver mining in Joachimsthal
Coin Minting – The Key to Maximizing Profits
The Schlicks quickly realized that the effective economic exploitation of the mined wealth faced several obstacles. The export of silver to Nuremberg, which took place in the early years of mining, was in direct violation of royal law, which required miners to sell all extracted silver within Bohemia to the king.
Moreover, coinage in Bohemia was the exclusive right of the monarch. For the Schlicks, the most profitable way forward was to mint their own coins and export them to the wealthy Leipzig market.
Through complex negotiations, the Schlicks, led by Stephan Schlick, secured the approval of the Bohemian assembly in 1520 to mint coins—albeit with the carefully worded condition that it would not harm the rights of the land or the king.
This clause ensured that Bohemia’s leading noble representatives retained leverage, as they could revoke the approval at any time should the Schlicks fail to show proper appreciation for their political support.
The Schlicks were well aware of this and sought direct royal approval. They ultimately obtained it in 1523, during King Louis II of Jagiellon’s stay in Bohemia, though only on a conditional basis.
It is likely that Stephan Schlick’s decision to join the king at the Battle of Mohács in 1526 was motivated, among other reasons, by his desire to secure this crucial privilege permanently. However, this never came to pass.
Both the king and his Schlick vassal perished tragically in the Mohács marshes, and the new ruler, Ferdinand I, adopted a far more reserved stance toward the Schlicks’ mining enterprise.
Schlick’s Double Thaler of 1520 – A Rare Commemorative Issue
Although no written sources confirm the production of Schlick thalers dated 1520, it can be assumed that this was an extraordinary commemorative issue marking the Assembly’s approval that same year.
Supporting this theory is not only the unusual placement of the date—Schlick thalers remained undated until 1525—but also the existence of higher denomination coins, including double, triple, and quadruple thalers.
In the Jaroslav Kokolus Collection Part 6 auction, which will take place on April 25, 2025, in Prague, a 2-thaler from 1520 from Joachimsthal will be auctioned under lot no. 13. This is the finest known specimen, preserving traces of mint luster in the fields. This exceptionally rare piece is featured in Schulten, W., Frankfurt, 1974: Deutsche Münzen aus der Zeit Karls V., Table 106/image 437.
Learn more about Stephan Schlick and his brothers in the article: Stephan Schlick and His Brothers – The Origins of Joachimsthal Thalers
How to Participate in the Rare Coin Auction?
Don’t miss Auction #35, taking place on April 25, 2025, in Prague. This auction will feature the Jaroslav Kokolus Collection, while a traditional numismatic auction, Auction #36, will also be held, offering additional exceptional coins and numismatic treasures.
Bidding methods in floor auctions:
- In person on the floor – Join the auction directly at the venue - Hotel Mandarin Oriental, Prague.
- By phone – Place your bids via a phone call.
- Live bidding via the AUEX auction system – Participate in real-time through the AUEX platform.
- Prebidding via the AUEX auction system – Submit your maximum bid in advance through the AUEX auction system.
eLive Auction
Auction #36 will, as always, continue with the eLive session, where, in addition to coins and medals, you will also find a selection of rare banknotes. The eLive auction will take place on April 27–30, 2025, starting at 18:00.
Bidding methods in eLive auctions:
- Live bidding via the AUEX auction system – Participate in real-time through the AUEX platform.
- Prebidding via the AUEX auction system – Submit your maximum bid before the auction starts.
AUEX Auction System: Join the auction
