It was introduced by Margrave Frederick II of Meissen in 1338/39 and modelled on the Prague groschen.
The variants include:[1] The monetary value of the Meissen-Saxon silver pfennig decreased over time (cf.
[4] From the middle of the 15th century a fixed exchange rate was established between the Meissen Groschen and Rhenish Gulden.
[1] Initially minted with a ration of 1/20 or 1/21 with the Rhenish guilder, this coin, designated as external currency (Oberwähr) was accepted for all payments in the Margraviate of Meissen.
[1] Later, the Meissen groschen was minted with a ratio of 1/26 to the gold guilder and referred to as internal currency (Beiwähr).