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In around 1470, rich deposits of silver were discovered in the Ore Mountains. Mining became a significant economic factor in Saxony. But on the other side of the mountains, there was soon equal excitement as news spread of the discovery of rich ore deposits.

In 1516, silver was found on the territory controlled by the Counts of Schlick. The town of St. Joachimsthal was founded and subsequently declared a free mining town by King Louis the Second of Bohemia in 1520. Count Stephan Schlick and his brothers were granted the right to mint and issue coins. When they started minting large silver coins known as "Joachimsthal gulden groschen", they were assisted by officials from Saxony. The officials were familiar with the Saxon coinage standard, so they knew precisely what the precious metal content of a particular coin had to be.

The silver mining industry expanded and attracted a lot of willing workers. St. Joachimsthal developed into a major Renaissance city. The production yield from the silver mines was enormous. And so was the financial gain. After Count Stephan Schlick died in 1527, King Ferdinand the First of Bohemia revoked the family's minting privileges and declared St. Joachimsthal a royal mint.

The obverse of the "Joachimstal gulden groschen’ shows an image of Saint Joachim, who's regarded as the grandfather of Jesus. You can also see the coat of arms of the Counts of Schlick. The reverse shows the double-tailed lion of Bohemia along with the name and title of King Louis the Second.

Before long, this large silver coin was simply known as a "thaler". Both name and coin became world famous. Even the word "dollar" can be traced back to it.