Elector Augustus (1553-1586) discovered during a secret inspection of the coins from his mints in Freiberg, Annaberg, and Schneeberg that the mint masters had unilaterally reduced the silver content of the Guldengroschen (thaler). According to the Saxon coinage regulation of 1549, the fine content for the Guldengroschen was prescribed to be 14 lot 8 grains (= 902.78/1000). The extent of the reduction in silver content was not disclosed. Consequently, the Elector ordered the closure of all state mints and consolidated them into a single mint in Dresden, located close to his residence, to better oversee the accuracy of the coins. The Freiberg mint, relocated to Dresden in 1556, had been the main Saxon mint since the 13th century. The Annaberg mint was initially moved back to the local monastery in 1557.