Historical monarchs are generally bad when you're playing a minor nation. Nations which ceased to exist before the end of the game simply stop generating new monarchs and you end up stuck with whoever the last real monarch was for the rest of the game. That could easily be 200 years, and often the last monarchs have very poor stats because they were responsible for the end of their nation as an independent entity. Unless you're playing a major nation that existed throughout the entire period, I would not recommend using historical monarchs.
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