In 950, Duke Boleslav of Bohemia was defeated by the German King Otto the Great and was forced to recompense Otto with large tributes. This was the beginning of Bohemian coinage, for Boleslav started to issue the first Bohemian money in order to pay the tributes. The Bohemian coins appeared on the markets in 955 and were initially influenced by Bavarian and English issues. This penny in English style was minted under duke Uldarich (or Olderich, 1012-1037). It bears the duke's name, title and bust on the obverse (ODALRICVS DVX). The inscription on the reverse refers to Saint Wenceslaus, the patron saint of Bohemia (STCTS WENCEZLAVS).