Ah.........THAT is a very good question.....not so sure that anyone has a definitive answer though.. Apologies in advance for my musings below:
First, to give a little `lineage' to this:
Damianus Krauwinkel was noted as a `master' rechenpfennigmacher in 1543. His passing was recorded in November 1581
Hans Krauwinkel I (the first) was a brother of Damianus. He became a `master' in 1562 and died in 1586
Hans Krauwinkel II (the second) was a son of Damianus. he became a `master' in 1586 and died in 1635
Egidius Krauwinkel was also a son of Damianus. he became a `master' in 1570 and died in 1613.
In June 1583 Egidius was recorded as striking rechenpfennigs bearing a crowned French shield. After his brother HK II
was appointed `master' in 1586, some jetons were struck bearing the signatures of both Egidius and HK. It could well be concluded that HK II also made use of dies produced by Egidius for his own issues (?).
Kilian Koch is not cited anywhere until an entry in the Book of the Dead, dated12th June 1599, which noted the passing of his wife `Clara' and made mention of him as being a rechenpfennigmacher. Jetons attributed to him span 1587 -1594. As we know, he used the signature `CK' ......excepting those times when he clearly didn't .
Now add into the mix a certain Conrad Koch, recorded in the Book of the Dead on 3rd July 1617 as `Spengler und Rechenpfennigmacher'. I have no idea as to whether KK was his son, or a cousin or a contemporary. However, jetons bearing the simple signature `CK' could possibly have been struck by either maker (?)
The Schultzes (Hans I and his son Hans II) also produced jetons bearing a crowned French shield from their workshop in the early 1580's, but the design is slightly different to the one on the jeton in question (no collar). These were struck with both `Pietate et Iustitia' legend AND `Pietat et Iustitia'.......
All of the foregoing could in theory have had `input' to the making of the pieces in question
Mitchiner attributes the `Pietate' legend with the shield obverse and the two `figures' reverse to HK II and in 1588/9..... but there is no listing of the jeton with the reverse style / legend.
If we could get an attribution for the two soldiers reverse we could probably gain more certainty as to the actual manufacturer.
Hans Krauwinkel II and Kilian Koch both used the services of the Maler firm as engravers for their dies, so there are similarities to themes for some of their issues of the late 1580's. Both were involved with Franco- allegorical style jeton making
Next, lets look at the Actual `french' jetons of the period that have relevance:
Under Charles IX : `Pietate et Iustitia' (shield of France obverse).
1562 (Conseil du Roi) : two females
1563 (Chambre des Comptes) :two columns
1564 (Conseil du Roi) : King David
1564 (Chambre des Comptes) : `CC' / branches
1565 (Chambre des Comptes) : `CC' / cornucopia
1567 (Ville de Paris): Shield and columns
1568 (Chambre des Comptes) : Shield and columns
1574 dated (No department cited): `aut vinci aut mori' legend, but `horseman' depicted
There are seven other types of regal jeton struck (general issues) with the Pietate legend and shield of france obverse but none with the `warriors'.
Under Henry III : `Pietate et Iustitia' (shield of France obverse)
1574 dated (No department cited) : `aut vinci vos aut mori ' legend, but `horseman' depicted. The same reverse was also used that year with the Obverse legend Henricus III DG Fran et Pol Rex. That jeton was also dated.
The regal jetons all appear to have been dated
Not conclusive by a long shot, but it looks to me that a rechenpfennigmacher (probably either HK II or Killian Koch) got pretty good service from the the Malers for the engraving work done on the first jeton.
Now i am compelled to dig out my own early jetons to see if I have any of the types in question.