The presented essay discusses the influence and activities of a figure sitting on one of Europe's thrones that was in many regards quite unusual and extraordinary. Elisabeth, otherwise known as Elsa von Gutmann came from one of the most influential Jewish entrepreneurial families in the old monarchy. The relationship of the heir to the throne and as of 1929 the ruling Prince Franz I. of Liechtenstein with a woman of Jewish descent broke all the conventions of the time. What was most unusual was the willingness of a highly esteemed aristocrat to legalize this relationship. Franz even refused to abdicate his succession right to the throne because of his efforts to push through his marriage to Elsa, which his older brother Prince Johann II. did not wish to allow. As is shown in the essay, Franz II. was adamant about keeping his right of succession mainly because he was aware of the fact that he could only marry Elsa without having consideration for the opinions of his family, if he was the ruling prince.The goal of the essay is to attempt to clarify the causes of Franz's decision, which was quite sensational for that time. Concurrently, the impact that the marriage had on his rule over the principality (1929-38) as well as the relationship with Nazi Germany are also analyzed. The role of Elsa as Princess and later the Princess Dowager is also discussed.