Frederick also presided over national currency reform during his reign. The effects of the Seven Years' War and the acquisition of Silesia had transformed the economy, depreciating the national currency and leading to high nation-wide inflation. The Prussian Mint Edict of May 1763 revalued the national currency, stabilizing the rates of highly depreciated coinage and mandating that the payments of taxes be in currency of prewar value. Other European rulers soon undertook similar monetary reforms, which helped to lower region-wide prices.