The well-preserved medieval town built above important gold mines is the site of the oldest still-working mint in the world.

Following that difficult period, Hungarian kings invited new colonists from present-day Germany (more specifically Carpathian Germans/Zipser Germans) to settle in the region to help replenish the decimated population.

Starting in 1335 the mint produced golden florins and later the famous "Kremnica ducats", which were used as an international means of payment as a result of their consistently high purity of gold.

It was the most important mint, and later the only one, in the Kingdom of Hungary, in Czechoslovakia and nowadays in Slovakia; the prosperity brought to the town led to it being given the nickname "Golden Kremnica".

The German population of the town and its surroundings was expelled in 1945 as the consequential punishment by the former Czechoslovak government after World War II.

Kremnica lies at an altitude of 564 metres (1,850 ft) above sea level and covers an area of 43.136 square kilometres (16.7 sq mi).

In the 14th century, it developed into a multifunctional complex of buildings and thus became the centre of local administration, religious life, and defense.

A 20-km long aqueduct, built in the 15th century, is still working, supplying three hydroelectric power plants (one of them located 245 m below the ground).

However, even among those identifying themselves as Slovaks many are descendants of the Carpathian Germans, who played a very important role in the medieval history of the town.