FRANCE, Royal. Louis XV le Bien-Aimé (the Well-Beloved). 1715–1774. AR Petit Louis d’argent – Tiers d’écu (26mm, 6h). Tours mint; différents: crescent/cross. Dated 1720 E.

Electronic Auction 512
Lot: 727. Estimated: $ 200

World, Silver

Sold For $ 325. This amount does not include the buyer’s fee.

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FRANCE, Royal. Louis XV le Bien-Aimé (the Well-Beloved). 1715–1774. AR Petit Louis d’argent – Tiers d’écu (26mm, 6h). Tours mint; différents: crescent/cross. Dated 1720 E. Laureate, draped, and cuirassed bust right / Crowned cruciform double L monogram, with fleur-de-lis in each angle. Droulers 758; Duplessy 1664; Ciani 2136; KM –. Toned. In NGC encapsulation 2849289-001, graded AU 53.

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. All of the coins in this collection were minted in this pivotal year in which Law was the master of the French economy. Unfortunately for John Law, it 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 sell offs 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 poor in Venice nine years later.

Closing Date and Time: 23 March 2022 at 14:02:00 ET.

All winning bids are subject to an 18% buyer’s fee.