FRANCE, Royal. temp. Louis XV le Bien-Aimé (the Well-Beloved). 1715–1774. WM and Lead Medal (33mm, 7.82 g, 12h). The Mississippi Bubble. By an uncertain German medallist. Dated 1720 (in Roman numerals). EF.

Electronic Auction 562
Lot: 938. Estimated: $ 100

World Medals, White Metal

Sold For $ 225. This amount does not include the buyer’s fee.

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FRANCE, Royal. temp. Louis XV le Bien-Aimé (the Well-Beloved). 1715–1774. WM and Lead Medal (33mm, 7.82 g, 12h). The Mississippi Bubble. By an uncertain German medallist. Dated 1720 (in Roman numerals). PARISIES/ WEST INDISCH-/LOUISIANISCHER/ COMPAGNIE/ ACTIEN/ ODER/ BANCO-BILLETS/ UEDES A/ 500 · LIVRES OD · 166⅔ TH/ VON I IAN 1717/ MIT IV PRO CENT ZU/ VERINTERISSEN/ AO 1720 AUT 2 PR 100; inverted below, SIND INCONFISCABEL/ UND SEMPER FREY */ IN FINE VIDEBITUR/ CVIVS/ TONI / ALLES LIEGT AM GLÜCK UND AN DER ZEIT *, SO/ VERISCHERTS/ LAWS/ UND SPRICHT :/ DIESES GLAUB ICH/ ANDERS NICHT/ MANCHER/ DOCH MIT THOMA/ SPRICHT :/ ICH GLAUB ES/ NOCH LANGE/ NICHT/ 1720. Adams, Medals 8; Betts 121. Spots of corrosion with lead showing through. EF.

From the J. Eric Engstrom Collection, purchased from Van der Dussen, 1964.

Scottish economist John Law, born in 1671, got off to a rather inauspicious start. An incorrigible gambler, as a young man he spent his days gambling away his family’s wealth. The first major inflection point in his life came when he was challenged to a duel over a lady. He won, but was subsequently charged and convicted of murder. Facing execution, he managed to escape from prison and flee Britain, ultimately making France his new home. France at the time was struggling economically, as the War of the Spanish Succession had robbed France of its precious metals, needed to mint the silver and gold coinage it relied upon, and caused the national debt to skyrocket. John Law believed he could fix France’s problems by modernizing the economy, and he proceeded to open the country’s first fractional reserve bank in 1716. His bank issued the first paper money used in France, which he hoped could lessen the country’s reliance on silver and gold. The following year, he bought the Mississippi Company, which held a monopoly on France’s American colonies. He sold stock in this company, which generated even more wealth for him and France. Ascendant, he befriended the French king’s regent, nationalized his bank, and went on to become Controller General of Finances in 1720. Unfortunately for John Law, his success was not to last. The same year, intense speculation on Mississippi Company stock led to massive inflation. Law devalued both his notes and shares of Mississippi stock to try and control it, but this led to mass selloffs of stock and to frenzied attempts to convert paper notes into silver and gold coins, which was ruinous for the French economy. With the Mississippi Bubble now popped, riots ensued, and John Law fled France shortly after he was dismissed from his government positions. He died in poverty in Venice nine years later.

Closing Date and Time: 15 May 2024 at 15:12:20 ET.

All winning bids are subject to a 20% buyer’s fee.