Tipper and See-Saw Time
Encyclopedia
Tipper and See-Saw Time is name given to a financial crisis during the start of the Thirty Years' War
(1618–48). Starting in 1600, city-states in the Holy Roman Empire
began to debase currency
in order to raise revenue for the Thirty Years' War, as effective taxation did not exist.
The debasement spread from Germany
to Austria
, Hungary
, Bohemia
, Poland
and Russia
.
What is interesting about this financial crisis is that specie (metal coin) was debased, not paper money. In contrast, the "Tulip Mania
" of 1636–37 related to speculation in the value of tulip bulbs.
More and more mints were established until the debased metal coins were so worthless that children played with them in the street, which became the basis for the short story by Leo Tolstoy
"Ivan the Fool
".
Thirty Years' War
The Thirty Years' War was fought primarily in what is now Germany, and at various points involved most countries in Europe. It was one of the most destructive conflicts in European history....
(1618–48). Starting in 1600, city-states in the Holy Roman Empire
Holy Roman Empire
The Holy Roman Empire was a realm that existed from 962 to 1806 in Central Europe.It was ruled by the Holy Roman Emperor. Its character changed during the Middle Ages and the Early Modern period, when the power of the emperor gradually weakened in favour of the princes...
began to debase currency
Debasement
Debasement is the practice of lowering the value of currency. It is particularly used in connection with commodity money such as gold or silver coins...
in order to raise revenue for the Thirty Years' War, as effective taxation did not exist.
The debasement spread from Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
to Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, Bohemia
Bohemia
Bohemia is a historical region in central Europe, occupying the western two-thirds of the traditional Czech Lands. It is located in the contemporary Czech Republic with its capital in Prague...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
and Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
.
What is interesting about this financial crisis is that specie (metal coin) was debased, not paper money. In contrast, the "Tulip Mania
Tulip mania
Tulip mania or tulipomania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed...
" of 1636–37 related to speculation in the value of tulip bulbs.
More and more mints were established until the debased metal coins were so worthless that children played with them in the street, which became the basis for the short story by Leo Tolstoy
Leo Tolstoy
Lev Nikolayevich Tolstoy was a Russian writer who primarily wrote novels and short stories. Later in life, he also wrote plays and essays. His two most famous works, the novels War and Peace and Anna Karenina, are acknowledged as two of the greatest novels of all time and a pinnacle of realist...
"Ivan the Fool
Ivan the Fool (story)
Ivan the Fool is an 1886 short story by Leo Tolstoy, published in 1886.Its plot is about the struggles of three brothers and a sister with the Old Devil...
".