Goldgulden and Weisspfennige minted in Oberwesel were in wide circulation during the Middle Ages.

In the early 13th Century many towns issued their own money. Oberwesel began issuing its own coinage in 1288. In each of the many small Rhenish territories there were different currencies. Between Koblenz and Bingen one would, at various times, have needed 15 different currencies.

This coinage muddle made trade difficult and so in 1385 the four Rhenish electoral princes founded the Rhenish Coinage Union.  They agreed upon a uniform coinage for the electoral states and introduced the Rhenish Gold Florin as common currency. As the value of this coin remained extremely stable over a long period, it became a reserve currency in large areas of Central Europe.