Engelsgroschen Public Deposited
In the year 1490 rich silver deposits were discovered in the Schreckenberge in Saxony, and two years later mining operations were instituted. From the product of these mines the Elector Frederick III (1486-1525), in conjunction with Dukes Albrecht and Johann, ordered a new variety of Groschen to be struck in 1498. These coins had on the obverse the figure of an angel standing and holding a shield, and received the name of Engelsgroschen or Schreckenberger. Their actual value was four Groschen and twelve Kreuzer, and they were issued for a long period by both the Albertinian and the Ernestinian Lines.
- Frey's Dictionary (American Journal of Numismatics, Vol. 50, 1916)