This system, if it endured at all, did so only for a couple of years. The outbreak of the war of the Austrian Succession brought with it a new period of conflicting depreciations, and at the close Austria took a decisive step. Without taking any measure to secure the co-operation of the Circles, or any part of the Empire, the Emperor Francis I. adopted the 20-gulden standard (the mark of fine silver = 13-1/3 Reichs thalers = 20 guldens). It was at once adopted in Hungary and Bohemia, the territories of Maria Theresa.
Frederick Augustus, Elector of Saxony and King of Poland, was the first to adopt this Austrian standard, at Dresden in 1750, though with a very slight variation (putting the mark of fine silver at 13-3/8 Reichs thalers instead of 13-1/3). In 1753 Bavaria also acceded to the 20-gulden standard, after a brief attempt (1747-1753) at the erection of a 24-gulden standard, and in the following year the Austrian system was adopted by Brandenburg-Anspach, Bayreuth, Würzburg, and Nürnberg.
The Convention of Vienna (21st September 1753) which formally established this Austrian or Convention standard (20-gulden system), prescribed as follows:--
Mark of fine gold = 283 fl. 5 kr. 4-47/74 pf. Chief coin = Reichs ducat, 67 to the mark (Cologne mark), 23 kr. 8 grs. fine (= 67-67/71 to the mark of fine gold), to = 4 fl. 10 kr.; the Holland and other ducats then current in Germany being tariffed at 4 fl. 7-1/2 kr.
Mark of fine silver = 20 guldens for all manner of silver coins down to the groschen or 3-kreutzer piece (ratio of silver to gold 1:14-11/21).
1. Thaler (specie or convention thaler = 2 fl.), 10 to the mark, 13-1/3 loth fine.
2. Gulden (or 1/2-specie thaler), 20 to the mark, 13-1/3 loth fine.
3. 30-kreutzer piece (1/2-gulden or 1/4-specie thaler), 40 to the mark, 13-1/3 loth fine.
4. 17-kreutzer piece, 70-10/17 to the mark, 8-2/3 loth fine (only for Austria).
5. 7-kreutzer piece, 171-3/7 to the mark, 6-13/18 loth fine (only for Austria).
6. 20-kreutzer piece, 60 to the mark, 9-1/3 loth fine.
7. 10-kreutzer piece, 120 to the mark, 8 loth fine.
8. Groschen or 3-kreutzer piece, 400 to the mark, 5-1/2 loth fine.
For the lowest denomination of divisional coins, half-groschen, kreutzer, and pfennige, quite varying standards were permitted, according to the piece or locality, namely, from 20-3/4 to 33 guldens to the Koln mark.