Financial Problems and Currency Exchange Rates in the Eastern Part of the Tripartite Kingdom of Hungary

Abstract

Following the Ottoman conquest, the Kingdom of Hungary was divided into three parts: the remaining Royal Hungary, the Ottoman-occupied territories, and Transylvania, a division that brought numerous economic challenges. In 1567, the Szepes Chamber was established with the aim of administratively and financially supervising the eastern regions of the remaining kingdom. Throughout the 17th century, the region experienced significant economic challenges, including major wars, the budgetary crisis of the Ottoman Empire, the growing resistance against the Habsburgs in Hungary, armed conflicts, and ultimately the Rákóczi War of Independence. These events led to an increasing financial instability. Inflation and speculation became rampant, further exacerbated by the dual system of calculating the forint within the Royal Hungarian Chamber’s administration between 1659 and 1711, which burdened the daily lives of the population. The influx of a wide variety of circulating coins – differing in origin and quality – created many opportunities for profiteering, which became widespread by the end of the 17th century. For all of the above, this century offers a wealth of intriguing topics for researchers that we intend to explore and present in this study.