The first talers of Saxony were struck at the beginning of the 16th century, shortly after the discovery of the great silver deposits in Annaberg. Agreements with the counts of Mansfeld, the abbots of Magdeburg and the bishops of Halberstadt ensured the Saxon talers a large area of circulation right from the start. They remained a highly respected currency until the introduction of the German reichsmark in the year of 1872.