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Mexican imperial coinage; ttie medals and
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MPERIAL COINAGE OF MEXICO
AUGUSTINE I, MAXIMILIAN, gy>
. THE FRENCH INVASION, AND
THE REPUBLIC DURING THE
INTERVENTION ^^^^ Sf> ^ ^
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By BENJAMIN BETTS
MEMBER OF THE AMERICAN NUMISMATIC AND ARCHAEOLOGICAL SOCIETY
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Cornell University
Library
The original of this book is in
the Cornell University Library.
There are no known copyright restrictions in
the United States on the use of the text.
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MEXICAN IMPERIAL COINAGE
THE MEDALS AND COINS
OF
AUGUSTINE I (ITURBIDE), MAXIMILIAN, THE FRENCH INVASION,
AND OF THE REPUBLIC DURING THE
FRENCH INTERVENTION
By benjamin BETTS
MEMBER OF THE AMERICAN NUMISMATIC AND ARCHAEOLOGICAL SOCIETY
PRIVATELY PRINTED
1899
Ai-Uiyj
REPRINTED FROM
"THE AMERICAN JOURNAL OF NUMISMATICS.'
4^.
MEXICAN IMPERIAL COINAGE.
HE history of Mexico has ever been fruitful of dramatic
incidents ; from the conquest almost to the present
time it has been replete with events of an intensely
interesting character. Among the most notable of
these from a Republican standpoint, may be men-
tioned the two attempts made to establish Imperial
rule upon this continent: the j^rsi under Don Augus-
tin Iturbide, in 1822 and 1823; the ^^^o^of under Maximilian of Austria, in
1864 to 1867; each of which, after a turbulent and precarious existence,
was suddenly brought to a most inglorious and tragical end. The Imperial
authority was in each case exercised for a brief period only, yet each was
prolific of medallic memorials.
So far as known to me, but little attention has hitherto been bestowed
upon these interesting mementos. The earliest publication in which any-
thing like an accurate description appears, is the Sale -Catalogue of the Jules
Fonrobert collection, which was disposed of by auction at Berlin, Prussia, in
1878. A large number of these medals and coins are therein described and
4 MEXICAN IMPERIAL COINAGE.
illustrated by cuts" distributed through the text, which is chronologically
arranged. The only other account of which I have any knowledge may be
found in " Numisma " for May and July, 1879. The May number contains
an article contributed by Mr. George S. Skilton, entitled " Maximilian, his
Coins and Medals," and in the July number the same author describes the
" Medals and Coins of the First Mexican Emf)ire." In these papers the sub-
ject is for the first time systematically treated ; but both lack somewhat in
minuteness of description, and with a single exception (a medal of Maximil-
ian), are entirely devoid of illustrations. The importance of the subject may
perhaps excuse the present attempt toward supplying these deficiencies, as
well as to add quite a number of examples heretofore unnoticed.
In the use of the terms right and left, the observer's right and left are to
be understood, except when reference is made to the right or left of a figure
on the medal, in which case the meaning is obvious.
THE FIRST EMPIRE,
AUGUSTINE ITURBIDE, 1822-1823.
Augustine Iturbide (name pronounced E-toor'-bi-da, accent on second
syllable), was born at Valladolid, Mexico, in 1784 (one account says 1790),
and was "the master spirit in a successful plot for freeing Mexico from
Spanish rule." He was proclaimed Emperor by the army and people at the
city of Mexico 18 May, 1822, and duly inaugurated at that city 21 July, fol-
lowing. On 19 March, 1823, in consequence of the adoption of the Act of
Casus Matas, by which a republican form of government was guaranteed,
he abdicated the throne, and with his family went to Leghorn ; returning
from exile in defiance of the decree of Congress, he was, on his arrival at
1 I would here state that after the sale I purchased are germane to the subject; others have been specially
the entire collection of the cuts, and have used such as engraved to illustrate this article.
MEXICAN IMPERIAL COINAGE. 5
Soto la Marina 8 July, 1824, promptly arrested, and summarily executed
on the 19th of that month at Padilla.
Of the following-described medals, three bear dates prior to the inaugu-
ration of Iturbide as Emperor. They refer probably to the independence of
the Empire as provided by the Plan of Iguala, presented by Iturbide, Feb.
24, 1 82 1. Nos. 6, 13, 14 and 18, were most probably used as coins, all of them
being about the size of the One Real piece, and all engrailed on edge aoinono
No. 26 I have never seen, my description being from a rubbing kindly fur-
nished me by Mr. Geo. S. Skilton, who owns the piece ; with this exception
all were described from specimens in my own collection.
MEDALS.
182 1. Mexico.
I. Obverse. Mexico, represented as an Indian princess, is presenting
a sword, scarf and wreath to Iturbide, who stands facing her, his right hand
extended to receive it. The princess, at the left, is attired in a priestly robe
charged with eagles, and heavily embroidered at bottom ; a flowing mantle is
thrown over her left shoulder, above which is seen the end of a bow and the
top of a quiver of arrows ; her head-dress is of feathers, and her arms and
feet are bare ; with her right hand she points to a radiated group above, con-
sisting of a cross, two bells (?) and some stalks of grain.' Iturbide, to right,
is in full military dress, his head uncovered and his plumed chapeau under his
left arm. Legend: To the left, pro religione and to the right, et patria ♦
(For religion and fatherland) : in exergue in two lines, in small letters, jose
GUERRERO N^ DE M" | A" DE i82i* (The artist's name, place and date of mint-
age.) Reverse. The Mexican eagle, without crown, with the serpent in his
1 With the stalks of grain or wheat there appear to to the engraver ; if bells, they are perhaps intended
be berries at the left, possibly denoting grapes, although to signify the " Sanctus bells," and as all the emblems
the leaves resemble the olive rather than the vine ; seem to have a sacramental meaning, the device is
while the "bells," which have no tongues, in their form doubtless intended to show that the Church favored
suggest chalices, but have no stems, which may be due the Empire.
6 MEXICAN IMPERIAL COINAGE.
beak, stands in defiant attitude, upon a mantle heavily fringed, and gracefully
draped over an unstrung bow, with the inscription in four lines, all curving
upward, avgvstino o de o iturbide | libertatis o patriae | vindici = strenvo <> j
MEXICAN o iMPER o AN o i o (To Aug. Iturbide, the zealous defender of liberty
and fatherland. Emperor of Mexico, year i of reign) . Below all and close to
the rim, dedicada poIi el mismo artifice' (D^icated by the same workman.)
Rims and edge plain. Silver and copper. Size 56.
2. Obverse. Inscription in seven lines mejico | en la solemne. | pro-
CLAMACION I DE LA INDEPENDEN- | CIA DEL IMPERIO | A 27 DE OCTUBRE | DE 182I,
(Mexico, in solemn proclamation of the independence of the Empire, Oct.
27, 182 1.) Reverse. A Mexican eagle with the serpent, as the preceding,
imperially crowned, stands upon a nopal plant, growing upon a rock sur-
rounded by water; on the base of the rock f. Guerrero (Engraver's name).
Rims plain, edge □onoao Silver and copper. Size 34.
1822. Tallica.
3. Obverse. Inscription in eight lines + | toluca | en la feliz | pro-
CLAMACION I DE LA YNDEP* DEL | YMPERIO | MEJICANO, A 1 2 | DE MAYO DE (in
cipher) | • 1822 ■ (Toluca, on the auspicious proclamation of the independ-
ence of the Empire, May 12, 1822.) The inscription is separated from the
rim by a circle of small pellets. Rim corded. Reverse. A Mexican eagle,
imperially crowned, without the serpent, stands upon a nopal, beneath which
are the letters f. g. (Initials of engraver). A circle of small pellets sepa-
rates the field from the rim which is heavily dentilated. Edge smmsss Silver
and copper. Size 33.
Mexico.
4. Obverse. At the top a star of eight points ; in the field below, an
inscription of five lines inauguracion | de agustin. | primer emperador | de
MEXICAN IMPERIAL COINAGE.
PLATE I.
MEXICAN IMPERIAL COINAGE. 7
MEXICO. I JULIO 21 DE 1822 (Inauguration of Augustine, first Emperor of
Mexico, July 21, 1822). A wreath of olive on the left and palm on the right
surrounds the field. Rim plain. Reverse. The Mexican eagle, imperially
crowned, and without the serpent, stands upon a nopal, below which are the
letters f. g. ; a circle of small pellets surrounds the field ; no legend ; a
double-lined circle appears between this and an ornamental border. Edge
isssssisisss Silver. Size 35.
5. Obverse. In the field a crown surrounded by formal rays, below
•which are a sword and sceptre crossed. Legend: a agustin i? emperador
coNSTiTuciONAL DE MEXICO (To Augustine, First Constitutional Emperor of
Mexico) . Reverse. At the top an eight-pointed star, beneath which an in-
scription in six lines, proclamado | porelayuntam'^o" | de | aguas calientes. (
a 12 DE DEBRE | DE 1 822. [eb in DEBRE in cipher, with a mark above, showing
the omission of the other letters of Diciembre ; see cut.] (Proclaimed by the
magistrates of Aguas Calientes, Dec. 12, 1822.) A wreath of laurel, tied
with a bow at the bottom, surrounds all. Rims and edge plain. Silver and
copper. Size 31.
Chiapa.
6. Obverse. Head of Iturbide in profile to left. Legend : las chiapas
FOR AGUST • I the date • 1822 • at the bottom (Chiapas [declares] for Augus-
tine I, 1822.) Rim dentilated. Reverse. The Mexican eagle, imperially
crowned, within a crowned elliptical shield surrounded by an Order chain.
Legend : chiapas proclaman constancia • (Chiapas proclaiming its loyalty.)
Rim dentilated. Edge □oaoao Silver. Size 20.
Durango.
7. Obverse. Arms of Durango in a crowned ornate elliptical shield, a
palm branch at each side, the stems crossed below ; a cylindrical roll horizon-
8 MEXICAN IMPERIAL COINAGE.
tally placed, supports the shield. Legend : agustin * i » emperador » CON-
STiTuc * DE » MEXICO » (Augustine I, Constitutional Emperor of Mexico.)
Rim dentilated. Reverse. Inscription in five lines, within a laurel (?)" wreath,
PROCLAMA- I DO » EN « DURAN- | GO * ANO | « DE « | 1822 • (Proclaimed at
Durango in the year 1822.) Rim dentilated. Edge □ogcao Silver and
copper. Size 34. »
Guadalaxara.
8. Obverse. Bust of the Emperor in profile to right, in military dress,
with mantle of ermine, scarf and Order chain. Legend : * agustin * primer
* EMP • coNSTiTucioNAL » DE (in cipher) ft « (Augustine, First Constitutional
Emperor of Mexico.) Beneath the bust v * medina • f * (Engraver's name.)
Rim serrated. Reverse. A tree supported by two wolves (device of the
State) . Legend : guadalaxara » en su venturosa « proclamacion the date
• 1822 'at the bottom. (Guadalaxara on his auspicious [literally, with good
fortune] proclamation.) Rim serrated. Edge plain. Silver. Size 39.
9. Obverse. The same precisely as No. 8, and from the same die.
Reverse. Within a closed laurel wreath (?) the inscription in five lines en su |
AUGUSTA I PROCLAMACION | LA CATEDRAL DE [ GUADALAXARA | 1 82 2 (The Cathe-
dral authorities of Guadalaxara on his august proclamation, 1822) ; below all,
a festoon of flowers. Rim serrated. Edge plain. Silver. Size 39.
10. Obverse. Same die as Nos. 8 and 9. Reverse. An imperial crown
surrounded by rays, and below, the inscription in four lines, el consulado (
NACiONAL DE | GUADALAXARA | i822 (The National Consulate, or Civil author-
ities, of Guadalaxara, 1822) ; a festoon of flowers below, the ends supported
by knobs, and the whole enclosed within a laurel wreath. Rim serrated.
Edge plain. Silver. Size 39.
I As will be seen from the engraving, the leaves in conventionalized, so that what we have called laurel
this wreath suggest oak leaves, but the berries do not may have been intended for olive in some cases, and
resemble acorns ; the leaves of all these wreaths are vice versa.
MEXICAN IMPERIAL COINAGE.
PLATE II.
MEXICAN IMPERIAL COINAGE. 9
1 1 . Obverse. Bust in profile to right, in military costume, with mantle
of ermine, scarf and Order chain. Legend : augustin i ' div • prov • unan •
FERVENTiQ * voTO IMP " M' 1 82 2 " (Augustine I, by Divine Providence, and the
unanimous and fervent desire [of the people] Emperor of Mexico, 1822) ;
beneath the bust Medina f • Rim plain. Reverse. At the top an imperial
crown, below which are a sceptre and a macana (the ancient Aztec war-club)
crossed, overlying a branch of laurel and palm, also crossed ; in field below
viRTUTE I NGN | SANGUINE (By virtue, not by carnage) ; at the bottom a leaf
ornament. Legend : guadalax * academ * lubenti animo primo anahuac »
PARENT « (which may be freely rendered, The Academy of Guadalaxara to
the chief ruler [literally the first father] of Anahuac, the ancient Aztec
name of Mexico, with willing mind.)' Rim plain. Edge plain. Slightly
elliptical. Silver and copper gilt. Size 38 x 40.
Guanajuato.
12. Obverse. Busts of Augustine and Anna, jugata, in profile to right,
the Emperor in military dress, with Order band and mantle ; beneath the
busts in a line curving upward, augustin • i • y • ana • maria • Legend : la •
N* Y* L* C* DE* GUANAIUATO * PROCLAMANDO * A « SUS * AUGUSTOS * EM-
peradores * (which we may perhaps read. The noble and loyal city \noble y
leal ciudaci\ of Guanajuato in proclamation of their August Imperial Rulers,
Augustine and Anna) ; the whole surrounded by an ornamental border of
double lines and small circles. Reverse. The figure of the Virgin (?) holding
a cross and palm in her left and a chalice (?) in her right hand, in a crowned
and ornamental shield adorned with foliated ornaments at the top and sides,
I By Academy may perhaps be meant (though no pate, the civic authorities, and the clergy generally of
ecclesiastical emblem of the Roman Church appears on this city issuing these four congratulatory medals on
the piece), the " College " or Chapter of clergy attached the accession of the Emperor. The motto on the re-
to the Cathedral, or more probably the "Seminary" verse may imply instead of " by carnage " — literally, by
for training postulants or candidates for Holy Orders blood, — that he was made Emperor because of his vir-
in tills ancient Episcopal seat. We should therefore tues, rather than from any " divine right of the blood
have, if this theory be correct, the people, the Episco- royal."
10 MEXICAN IMPERIAL COINAGE.
and two palm branches crossed below and tied with ribbons, the whole resting
on a horizontal bar, on which trasgallo. (Engraver.) In the field at the
sides of the shield, to left and and to right 1822 Legend : les • d • o • yc •
ESTE • MONU MENTO ' DE su FiDELiDAD (we read this. The authorities of Guan-
ajuato issue this monument or token of their loyalty) ;' surrounded by an or-
namental border, same as obverse. Edge plain. Silver and copper. Size 36.
Guatemala,
13. Obverse. Head to left in profile. Legend: agustin i • emperad •
DE MEXICO ° Reverse. At top, the arms of Guatemala in a small elliptical
shield with palm branches crossed beneath ; below, within an open olive wreath
the inscription in four lines, 26 de (in cipher) Die • | de 1822 • | 2° de la|
iNDEP • Legend : guat • en la proclam • de su i? emp • (Guatemala in proc-
lamation of its first Emperor, Dec. 26, 1822, second year of independence.)
Border corded. Edge aoacoo Silver. Size 20.
Leon de Nicaragua.
14. Obverse. Head in profile to left. Legend : agust o i o emp = de
MEXICO the date ° 1 822 ° at bottom. Border corded. Reverse. Arms of Leon de
Nicaragua in an elliptical shield ornamented with roses festooned from above.
Legend : proclam ° en leon de nicar o a ° 2 ° de la indep ° jjc (Proclaimed
in Leon de Nicaragua, second year of independence.) Border corded. Edge
□onono Silver. Size 21.
Oajaca.
15. Obverse. Draped bust of Augustine to right in profile. Beneath the
shoulder f GordUh (Engraver.) Legend : o a o agustin i -^ emperador consti-
tucional de (in cipher) meii° (To Augustine I, Constitutional Emperor of
I The abbreviations may stand for various words, we do not find it mentioned that Guanajuato was a See
but D, o (Uspo? i. e. Bishop), Y {i. e. and) c probably city, yet it was the Capital of the most populous State
mdicate the authorities— Dignitaries, Bishop (though in Mexico,) and Clergy, or perhaps, citizens.
MEXICAN IMPERIAL COINAGE.
PLATE III.
MEXICAN IMPERIAL COINAGE. ii
Mexico.) A double-lined circle separates the legend from the border, which
is ornamented with scallops, having an outer row of double lines radiating
from the centre. Reverse. In the field the inscription in five lines : lo
JURO EL 8 I DE DICIEMBRE | DEL AND i822*La|m=NoC°|dB OAIACA o (The
very noble city \muy noble ciudad'\ of Oajaca swore allegiance to him Dec. 8
of the year 1822) : a floreated ornament above and below. Border exactly
the same as on obverse. Edge □ooono Silver. Size 28.
16. Obverse. Draped bust of the Emperor in profile to right. On
shoulder, f GordUh Legend : o a ° agustin i° empera""" constitucional de (in
cipher) mejis (To Augustine I, Constitutional Emperor of Mexico.) Reverse.
In field in four lines lo juro [ enelanod 1822 | la m o n o c o | de oajaca
(Same meaning as on 15, but month omitted) : a floreated ornament above
and below the inscription. Rims and edge plain. Silver. Size 38.
Queretaro.
17. Obverse. Draped busts of Augustine and Anna jugata, in profile
to right ; on truncation of the Emperor, GordUlo Legend : en la proclam o de
AGUST o PRIM emp o DE MEX'^v DE (all the de's in cipher) ana mar o su espo* (In
proclamation of Augustine, first Emperor of Mexico and of Anna Maria, his
wife.) Reverse. An ornamented elliptical shield, surmounted by the Mexi-
can eagle, imperially crowned ; the shield is divided per fess {i. e. by a hori-
zontal line) : in chief, or the upper half, is the rising sun, and above it a
cross ; in base, or the lower half, per pale {i. e. divided perpendicularly)
dexter, a tree ; sinister, a horseman with sword uplifted is riding toward the
right ; two flags appear at each side of the shield ; below it, to left a cannon
is lying on the ground, and to right, a quiver full of arrows ; to left of these
AND and to the right 1822 Legend: queretaro fiel y agradecida (Guere-
taro, faithful and loyal — literally acknowledging.) In exergue f GordUio f .
Rims and edge plain. Silver and copper. Size 40.
12 MEXICAN IMPERIAL COINAGE.
Quesaltenango.
1 8. Obverse. Head in profile to left. Legend: agustin i • emperad •
DE • MEXICO • Border corded. Reverse. An elliptical shield with the arms
of Quesaltenango ; a branch of palm to left, and of laurel to right, the stems
crossed below. Legend: proclamado en qubsalt • a • de 1822 . ^ (Pro-
claimed in Quesaltenango, in the year 1822.) Border corded. Edge acacao
Silver. Size 21.
Vera Cruz,
19. Obverse. The Mexican eagle on the nopal, imperially crowned.
Legend : la ciudad de vera cruz (The city of Vera Cruz) : at the right of
the shrub Gordiilof. All surrounded by an ornate embattled border. Reverse.
In the field an inscription in six lines : proclama | por emperador | constitu-
ciONAL I DE MEjico | AL s o D? AG? I o | AND DE (in cipher) o i822 (Proclaimed
as Seiior Don Augustine I, Constitutional Emperor of Mexico, in the year
1822) ; a floreated ornament above the inscription. Border as on the obverse.
Edge plain. Silver. Size 28.
20. Obverse. Nude bust in profile to right ; on truncation of shoulder
F Gordiiio About his neck a ribbon suspending a cross. Legend : august *
MEX « I « iMPERATOR » coNSTiTUT # (Augustine \, Constitutional Emperor.)
Reverse. An ornamental shield upon a bracket ; the shield divided per fess
(horizontally) ; in the chief, or upper half, a castle with three towers, the
centre one surmounted by a cross (arms of Vera Cruz) ; in the base, or lower
half, the pillars of Hercules with ribbons and motto as usual ; the border is
charged with thirteen six-pointed stars ; each side of the shield is adorned
with a sun-flower, the stalks suspended from the top of the shield and en-
twined with ribbons. Legend : nov » vera cruz » proclam • an » 1822 (New
Vera Cruz proclaims [himj in the year 1822.) The reverse of this medal is
MEXICAN IMPERIAL COINAGE. 13
from the same die as that used for a Proclamation medal of Charles IV, 1789,
the alteration in date being badly executed. Rims and edge plain. Silver,
Size 41.
Zacatecas.
21. Obverse. The Mexican eagle in an ornamental and conventional-
ized shield, surmounted by an imperial crown ; a sword and sceptre crossed
behind, and at each side a branch of laurel. Legend: a agustin r empera-
DOR CONSTITUCIONAL DE MEXICO (To Augustine, First Constitutional Emperor
of Mexico.) Reverse. Within a laurel wreath an inscription in six lines,
above which is an eight-pointed star, proclamado | en la m. n. vl zacat? | por
SU AYUNTAMIENTO | COMERCIO Y MINERIA" | A 26 DE DBRE. | DE l822. (Proclaimed
in the very noble city of Zacatecas by the Magistrates, Merchants and Miners,
26 Dec, 1822, reading the letters before zacat? as a cipher of vil \Villa\,
though possibly they are meant for y \\ear\, i. e., and loyal.) A mark above
the month, indicating the omission of the letters needed to complete the word
Diciembre. Rims and edge plain. Silver and copper. Size 32.
1823. Mexico.
22. Obverse. Nude bust in profile to right; on truncation of shoulder
F. Gordillo Around the neck is a narrow ribbon suspending a decoration (prob-
ably the cross of the Order of the Eagle) . Legend : august » mex » i « im-
PERATOR « CONSTITUT » (Augustine, First Constitutional Emperor of Mexico.)
Reverse. In the field at the top a radiant star or sunburst, and below it an
inscription of six lines, proto medicatus | ejus ° que ° sodales | oblatam ^ jam •>
FIDEM I EXIGUO o HOC « MUNERE | DENUO ° TESTANTUR o 1823 o (The chicf of the
Medical Staff and his associates again testify by this small [or trifling] gift,
their loyalty, already tendered.) Rims and edge plain. Silver and copper.
Size 39.
14 MEXICAN IMPERIAL COINAGE.
23. Obverse. Bust of the Emperor in profile to right, in military dress,
with mantle of ermine, scarf and Order chain. Beneath the bust f. Guerrero/.
Legend : agustin primero • emperador for la divina providencia • (Augus-
tine First, Emperor by Divine Providence.) Reverse. On a rock surrounded
by water, a nopal of eight leaves, upon which stands the Mexican eagle im-
perially crowned ; to left a branch of laurel, and to right a branch of palm,
the stems crossed below. Legend : en su solemne proclamacion la ciudad
DE (in cipher) Mexico (The City of Mexico on his solemn proclamation.)
Rims plain. Edge lettered (digs) proteie al ***•••*•***** imperio mexi-
CANO »•...*••«. (God protect the Mexican Empire.) Gold, silver and cop-
per. Size 39.
24. Obverse. An ornamental elliptical shield with an inscription in five
lines in script, tAgustin \ Trimer Emp. | Constitucion' \ Jurado por \ Mexico On the
border of the shield at the base, curving upward around the inscription,
(see cut) A 24 DE ENERO DE 1823. (Augustine, First Constitutional Em-
peror, oath of allegiance taken by Mexico, January 24, 1823.) A branch of
laurel at the side of the shield to left, and a branch of palm to right ; the
whole surrounded by a circle of small pellets. Reverse. The Mexican im-
perial eagle standing upon an arrow from which is draped a small banner, on
which appears the inscription in three lines, in script, La Tatria \ lo Eleva al \
7rono° (His fatherland has raised him to the throne.) At bottom, F. Guerrero
A circle of small pellets surrounds the field. Rims plain. Edge lettered,
su NORTE Es LA LEI. (His guiding star is the law.) Silver and copper.
Size 34.
25. Obverse. Draped busts of Augustine and Anna (^jugata) in profile
to right ; the head of the Emperor is laureated, and that of the Empress is
adorned with a coronet. On truncation of the Emperor's shoulder F. Gorduio
Legend ; agustin y anna en su feliz exaltacion al trono ymperial de (in
MEXICAN IMPERIAL COINAGE.
PLATE IV.
MEXICAN IMPERIAL COINAGE. 15
cipher) mexi°o (Augustine and Anna, on their happy exaltation to the im-
perial throne of Mexico.) At bottom, a? 18230 Reverse. At the top the
All-seeing eye, emitting rays which nearly cover the field. In the lower part
of the field is an altar ; upon the altar a cushion upon which rests an imperial
crown, with a sword and sceptre in front. On the front of the altar is the
inscription in five lines, al libertador de la patria | al fundador del ympe-
RIO I al INVICTO AGUSTIN I • I en MONUMENTO de LEALTAD I EL CONSEIO DE ESTADO '
(The Council of State to the Liberator of his country, to the founder of the
Empire, to the invincible Augustine I, as a monument of their loyalty.) The
DE in xSx'e. first and fourth lines in cipher. In exergue, f. GordUlo.f Rims and
edge plain. Silver, copper and copper silvered. Size 45.
Villa Gutierez del Aguyla.
26. Obverse. In the field is a crown surrounded by rays, and below it
a sword and sceptre crossed. Legend : a agustin i emperador constitucional
DE MEXICO. (Translated above.) Reverse. A closed laurel wreath ; the stems
tied with ribbon. Inscription in six lines, a star at top, proclamado | en la
villa de I villa GUTIEREZ | DEL AGUYLA ' EL | 2 DE FEBRERO | DE 1 8 23 (Pro-
claimed in the city, etc., February 2, 1823.) Silver. Size 31.
It will be observed that the reverses of Nos. i and 2 represent the eagle
as devouring a serpent, after which it appears not again in the entire series.
It is difficult to understand why it should have been so studiously omitted ;
it could scarcely be the result of accident or carelessness of the engravers.
The device of the eagle on a nopal, holding the serpent in his beak, alludes
to a well-known event in the early wanderings of the Aztecs ; from its asso-
ciation with Mexican history it was so familiar to the people as the peculiar
national emblem, that it is impossible to suggest a satisfactory reason for its
omission. The Aztecs regarded the eagle holding the serpent as a good
i6 MEXICAN IMPERIAL COINAGE.
omen ; their successors may well have believed that the fortunes of the Em-
peror fell with the serpent when it dropped from the eagle's beak.
COINS.
The coins of Iturbide are not rare. They were all struck in the City of
Mexico (as shown by the mint-mark iii) in ttie years 1822 and 1823 ; and
consist of the gold Onza, or Ounce ; the silver Peso, or dollar ; the Peseta,
or quarter of a dollar; the Real, or eighth of a dollar; and the Medio-Real,
or sixteenth of a dollar. No other denominations in the above metals are
known to me ; and there appears to have been no copper coinage whatever.
Of the gold Onza I know of but one type for each year, with no varieties ;
of the silver Peso there are several marked varieties, six of which are de-
scribed below as being those most noticeable ; of the smaller denominations
many varieties are known, but as they are only slight die variations, I have
described but one of each year.
1822.
I. Onza, or Ounce. Obverse. Nude bust of Iturbide in profile to
right, the head small, the neck long, the point of bust nearly touching the
last letter of the legend. Below the bust, ° la o 1822 ° Legend : (beginning
to left at bottom) augustinus ° dei o providentia (Augustine by Divine
providence.) Reverse. An eagle imperially crowned, and with wings ex-
tended, is standing upon a nopal plant of five leaves to which various Aztec
weapons are attached." The left leg of the eagle only is shown. Legend :
(beginning at top to right) mex = i ° imperator o constitut 08 ° s <> j ° m o
(First constitutional Emperor of Mexico, and value, 8 Scudos ; j. m. initials
of engraver.) Rims serrated. Edge ssssssssss Gold. Size 37.
I These consist of the peculiar war clubs or macanas used by the nobles, a bow, and three quivers filled with
arrows. See cut.
COINS OF AUGUSTINE.
MEXICAN IMPERIAL COINAGE.
PLATE V.
MEXICAN IMPERIAL COINAGE. 17
2. Peso, or Dollar. Obverse. Nude bust in profile to right, much like
No. I, but it does not so nearly fill the field. Beneath the bust, <> ift » 1822 °
Legend : (beginning to left at bottom) august ° = dei ° prov Reverse. An
imperially crowned' eagle, with wings extended standing on a nopal oi five
leaves ; only the left leg of the eagle is shown. Legend : (beginning to
right at top) mex ° i -^ imperator o constitut o 8 ° r ° i « m = (The legends have
been translated above ; 8 r. for Eight Reales ; i. m. probably the initials of
the engraver or the mint master.) Rims dentilated. Edge □onono Silver.
Size 39.
3. Peso, or Dollar. Obverse. Nude bust in profile, as last, but the
head is much larger ; the Emperor is shown with double chin, and with light
side whiskers. Legend and date as last. Reverse. An eagle, much larger
than the preceding, with wings extended, and imperially crowned, stands upon
a nopal of nine leaves which is rooted upon a rock surrounded by water.
Legend : (beginning to right at top) mex o i o imperator ° constitut o 8 » r o i o
M - (Translation above.) Rims dentilated. Edge □onono Silver. Size 39.
In this example and all those which follow (except the gold Onza of
1823) both legs of the eagle are shown, the poise being on the left leg and
the eagle's head is invariably turned to the right. In Nos. i and 2 the head
is turned to the left. To avoid repetition it may also be stated that in all
which follow, the nopal plant is always represented as growing upon a rock
surrounded by water.
4. Peso, or Dollar. Obverse. Bust in profile as preceding, the head
not so large, and the chin not so double ; the whiskers are omitted and the
point of the bust nearly touches the last letter of the legend ; mint-mark and
I The cut used for illustrating this piece is from crown ; this is evidently an error of the engraver, but
Fonrobert. It will be noticed that the head of the eagle it was not deemed necessary to have the side recut.
on rev. is adorned with a plume instead of the imperial
1 8 MEXICAN IMPERIAL COINAGE.
date as above. Legend : (beginning to left at bottom) augustinus dei prov-
IDENTIA Reverse. Imperially crowned eagle very similar to No. 3, but
smaller ; the nopal has but eight leaves. Legend : Same precisely as No. 3
except in the form of the letters. Rims serrated. Edge □toocio Silver.
Size 39.
5. /fejo, or Dollar. Obverse. Bust to»right, as last, the head some-
what larger, the base of the bust nearly touching the last figure of the date.
Legend and date same as No. 4. Reverse. Eagle almost exactly the same
as No. 4, the nopal having nine leaves. Legend : (beginning to left at
bottom) MEX = I b iMPERATOR coNSTiTUT ; at bottom, o 8 R = j ° M (j. M. engraver's
initials.) Rims serrated. Edge izioacoo Silver. Size 40.
6. Peso, or Dollar. Obverse. Bust to right in profile, the head not
quite so large as preceding ; the nose slightly turned up, and the decollation
forms a serpentine line. Legend and date same as last. Reverse. Almost
exactly the same as No. 5, but from a different die. Rims dentilated. Edge
doaono Silver. Size 39.
7. Peseta, or Quarter of a Dollar. Obverse. Bust in profile to right,
light side whiskers. Legend and date as on No. 5. Reverse. Eagle stand-
ing on nopal oi nine leaves, same as No. 5, but differently arranged. Legend
precisely same as No. 5, at bottom °2r°iom- Rims dentilated. Edge
nonono Silver. Size 27.
8. Real, or Eighth of a Dollar. Obverse. Bust in profile to right with-
out whiskers, the decollation forming a serpentine line ; date and legend same
as last. Reverse. Same as the preceding except that the nopal has ten leaves
Legend, same ; at bottom, = 1 r c j <= m ^ (One Real, etc.) Rims dentilated.
Edge □caooo Silver. Size 20.
9. Medio Real, or Sixteenth of a Dollar. Obverse. Bust in profile to
right, as the last, but the face has side-whiskers. Legend and date also
COINS OF AUGUSTINE.
MEXICAN IMPERIAL COINAGE.
PLATE VI.
MEXICAN IMPERIAL COINAGE. 19
the same. Reverse. Same as No. 9, except that the nopal has nine leaves,
and at bottom only - j o m o without indication of value. Rims dentilated.
Edge □onono Silver. Size 17.
1823.
10. Onza, or Ounce. Obverse. Nude bust of the Emperor to right in
profile, with side-whiskers ; the decollation forms a serpentine line. Below
the bust i5i ° 1823 ° Legend: augustinus dei providentia Reverse. An
imperially crowned eagle within an ornamented elliptical shield, at the base
of which is a trophy of Aztec weapons, — a spear, macana and a quiver of
arrows, showing on each side ; the point of the shield covers an unstrung
bow ; he stands upon a nopal of eleven leaves, rooted upon a rock, only the
right leg of the eagle being visible. . Legend : (beginning to right at top)
MEX o\o iMPERATOR ° coNSTiTUT ° 8 o s.° J ° M o (The legends, etc., have been ex-
plained above.) Rims serrated. Edge sssss^siss Gold. Size 37.
11. Peso, or Dollar. Obverse. Almost exactly the same as No. 6, ex-
cept the date (1823), and the rim which is serrated. Reverse. So nearly the
same as reverse of No. 6 that it might almost be from the same die. Rim
dentilated. Edge aoaocio Silver. Size 39.
12. Peseta, or Quarter of a Dollar. With the exception of the date
(1823), the same description as that of No. 7 applies, and no further details
are necessary. Silver. Size 27.
13. Real, or Eighth of a Dollar. Of this piece with date 1823, I have
never seen a specimen ; I place it here on the authority of Mr. George S.
Skilton, who mentions it as very rare. Silver. Size 20.
14. Medio Real, or Sixteenth of a Dollar. Both obverse and reverse
of this piece are so nearly identical with No. 9 as to need no further mention ;
the same description will apply. Silver. Size 17.
20 MEXICAN IMPERIAL COINAGE.
There are probably several varieties of each of the denominations in
silver. Of the Peso, the Fonrobert Catalogue describes three varieties of
No. 2, two of No. 3, four of No. 4, one only of No. 5, and three of No. 11.
Of these only one very slight variety is found on an obverse (No. 2) ; the
remainder, being confined to the reverses, are such as lead to the belief
that the latter were used interchangeably* with the different obverses. An
inspection of the plates will show four of the large eagle varieties of
reverses.
Mr. Skilton, in his article in Numisma, mentions a number of varieties
in all denominations, but makes no attempt to distinguish them. As to rarity,
perhaps No. 6 may be regarded as most difficult to obtain ; except as to date
it closely resembles No. 11. I have only seen a single specimen.
MEXICAN IMPERIAL COINAGE.
THE SECOND ENIFIRE
MAXIMILIAN OF AUSTRIA, 1864-1867.
ORE than forty years elapsed after the fall of Augustine be-
fore a second attempt was made to establish Imperialism in
Mexico. For this the civil war in the United States fur-
nished the opportunity. Benito Juarez who had become
President in 1858, had at last been able, after many vicissi-
tudes, to establish himself at the capital. His hostility to
the Church was so great that in 1859 he had issued a decree at Vera Cruz,
practically confiscating all Church property. This was soon followed by
another decree, suspending payment on all foreign debts for two years.
As a consequence of this decree, diplomatic relations with the creditor
nations were at once severed ; and at the instance of Napoleon Ilia conven-
tion was held at London on the 31st of October, 1861. The representatives
of England, France and Spain (the three Governments most interested),
finally concluded a treaty providing for the sending of naval and military
forces to Mexico, to seize and hold the ports of entry on the Gulf coast, the
revenues from which were to be appropriated to the payment of the foreign
22 MEXICAN IMPERIAL COINAGE.
debt of Mexico. " No territory was to be appropriated, nor were the rights
of the people to choose their own form of government to be interfered with."
In accordance with this arrangement the forces of the three Governments
were duly equipped and sent forward, arriving at Vera Cruz in December,
1861.
The allied armies were placed under the command of the Spanish Gen-
eral Prim, and preparations were promptly made to carry out the scheme ;
but at a preliminary convention held at Soledad, near Vera Cruz, in February,
1862, it was soon discovered that the projects of the allied powers were so
much at variance that an agreement was impossible. The English and
Spanish Commissioners immediately withdrew from the undertaking; the
"Joint Commission" was dissolved, and as a consequence the French army
was left to carry out alone the plans of the Emperor Napoleon III.
What these plans were soon became manifest ; heavy reinforcements
arrived from France, and united with an army of Mexican monarchists. A
movement against the capital was at once begun. These forces were badly
defeated before the gates of Puebla on the 5 th of May, and compelled to retire
to Orizaba to await reinforcements from France. These arrived the following
September and raised the invading force to about 12,000 men, who were,
placed under the command of General Forey, and the advance against the
capital was immediately resumed.
" Circumstances seemed especially favorable for the establishment of an
Empire in Mexico." " The United States were engaged in civil war, and the
success of the Confederate States seemed imminent. When the Confederacy
was firmly established, it was to be the ally of France and the Mexican Em-
pire as against the attempts of the United States to enforce the ' Monroe
Doctrine,' which was designed to prevent the establishment of European
colonies or other political systems of Europe in the Western Hemisphere."
MEXICAN IMPERIAL COINAGE. 23
This was a most promising scheme certainly ; nevertheless one important
factor in the calculation (the possible success of the United States) appears
to have been entirely overlooked. Yet this is what happened ; the Confed-
eracy collapsed at Appomattox in April, 1865 ; and the protests of the United
States, which had been persistently urged against the unwarranted interfer-
ence in the political affairs of this continent, but which had been hitherto
utterly ignored, now assumed a power no longer to be resisted.
The approach of peace had freed from other duties an army of at least
100,000 men, armed and equipped and ready for any service. An army corps
under Sheridan was sent to the Rio Grande. This was a most weighty argu-
ment and called for a prompt response to the demand of the United States
that France should desist from the attempt to establish any system of Euro-
pean government upon this Continent. War would have promptly followed
a refusal. France perforce submitted, and the French army was to be im-
mediately withdrawn. In March, 1867, the last of the French troops embark-
ed for home. Napoleon III had treacherously broken every pledge, and
Maximilian, who had been selected as the Emperor of Mexico, cheated at
every turn, was abandoned to his fate, powerless to advance or retreat, and
entirely at the mercy of his Republican foes.
The story of Maximilian and his Mexican Empire, has been often told,
and it is not the purpose to repeat it here ; any reference, therefore, to the
events of the period, save such as may be suggested by a study of the medals,
lies beyond the scope of this paper and will not be considered.'
In arranging the matter pertaining to the series of Medals and Coins of
the Second Empire, it has been found convenient to divide the subject into
I Such historical events as are recited in this paper Magazine for April, 1888. (A brief and concise history
are mainly from an article styled " Maximilian " by of the Empire, about 20 pp.)
Arthur Howard Nott, commenced in the American
24 MEXICAN IMPERIAL COINAGE.
three parts, viz : " Medals of the French Intervention," " Medals and Coins
of Maximilian," and " Medals of the Republic." The pieces described are
mainly from my own collection ; the exceptions will be noted.
The terms, sizes, etc., are the same as those used in describing the series
pertaining to the First Empire.
THE FRENCH INTERVENTION.
NAPOLEON III, 1862-1863.
The medals comprised in this division, while not strictly belonging to
the Second Empire series, as under Maximilian, are yet germane to the sub-
ject, in the sense that had there been no Intervention, there would have been
no Empire. They were forerunners, and bear upon their reverses the names
of battles fought by the French army and their Mexican allies, against the
forces of the Republic during their progress from the coast to the Capital.
It seems to me, therefore, that any paper dealing with the medallic memo-
rials of the Second Empire, would be very incomplete if those relating to the
Intervention period should be omitted. They are all War Medals, of various
sizes, and have for obverses the head of Napoleon III, laureated and in
profile to left, the borders adorned with a heavy closed wreath of laurel,
bound with ribbons (crossed) at top, bottom and sides ; the legends are the
same on all. The reverses also are alike in legends and inscriptions, with
borders the same as on the obverses ; all are provided with eyes and rings
for ribbons, which are of white silk of suitable widths, on which the Mexican
eagle on a cross of red and green is embroidered. The edges of all are
plain. Differences in punctuation and other particulars will be noted.
I. Obverse. Laureated head of the Emperor in profile to left, with
moustache and bearded chin. Beneath the head, barre (the name of the
engraver). Legend: his name and title — napoleon hi at the left and
THE FRENCH INTERVENTION.
MEXICAN IMPERIAL COINAGE.
PLATE VII.
MEXICAN IMPERIAL COINAGE. 25
EMPEREUR at the right. A heavy, closed laurel wreath, bound with ribbons
(crossed) at top, bottom and sides, forms the border. Reverse. Inscription
in five lines, cumbres | cerro • borrego | ban = lorenzo | puebla | mexico
[These as explained above, are the names of battles.] A small anchor below.
Legend: above, expedition du mexique and below, * 1862 o 1863 * Border
same as on obverse. A lined circle separates the legend from the field. The
wreathed border is in low relief, on both sides. Silver. Size 31.
2. Obverse. Nearly the same as No. i, but the head much larger; the
point of the beard nearly touches the first stroke of a in the legend. Beneath
the head e. falot (the name of the engraver) curving to truncation. Reverse.
Legend and inscription same as No. i , except that the letters of the inscrip-
tion are smaller, and the third line is not punctuated. There is no anchor
below the inscription, and a double-line hyphen separates the dates. The
wreath borders of this and all that follow are in much higher relief than those
of No. I . Silver. Size 3 1 .
3. Obverse. Much like No. 2 except that the head is somewhat smaller,
and the point of the beard is nearly on a line with the first stroke of n in the
legend. Beneath the head e" f. (initials of engraver). Reverse. Same as
No. 2 except that the inscription is without punctuation, and the hyphen
between the dates is a thin line. Silver. Size 3 1 .
4. Obverse. Same nearly as No. 3, but smaller. Beneath the head, e.
F. Reverse. Very similar to No. 3 except the second line of the inscription,
which is punctuated cerro-borrego (Fonrobert catalogue. No. 6679.)
Silver. Size 24.
5. Obverse. Nearly the same as No. 3, but much smaller, and the point
of the beard is about on a line with the first stroke of a in the legend. Be-
neath the head e. f. Reverse. About the same at No. 3, except that the
inscription is punctuated as in No. 2. Silver. Size 18.
26 MEXICAN IMPERIAL COINAGE.
6. Obverse. The head almost exactly like No. i , the point of the beard
somewhat in advance of the first letter in the legend. Beneath the head
SACRiSTAiN • F • (the engraver's name). Reverse. Similar to No. 3, but the
inscription is punctuated as in No. i, and the figures of the date are smaller.
Silver. Size 31.
7. Obverse. Very much like No. 3, but without name or initials be-
neath the head. Reverse. Almost exactly the same as No. 3, but the figures
of the date are larger. Silver. Size 3 1 .
8. Obverse. Design and legend same as last, except that the point of
the throat nearly touches the first stroke of n in the legend. Reverse. Same
also, except the second line of the inscription, which reads cerro • borreg
Silver. Size 15.
9. Obverse. Nearly the same as the last, but smaller ; the point of the
beard nearly on a line with the first stroke of n in the legend. Reverse.
Legend and inscription as the preceding, but the inscription is in six lines
CUMBRES I CERRO | BORREGO | SAN LORENZO | PUEBLA | MEXICO and there
are no stars at the sides, nor any punctuation between the dates. Silver.
Size 8.
The foregoing are all of this class of medals of which I have any knowl-
edge ; there are doubtless other varieties, possibly some in other metals ; I
know of them only in silver.
The places named on the above described medals refer, of course, to en-
gagements between the French and Mexican armies in their progress toward
the capital, — the most important in their results being those of San Lorenzo
and Puebla, The battle of San Lorenzo was fought on the 8th of May, 1863 ;
the result was the defeat of a Mexican force under General Comonfort, who
was hastening to the relief of Puebla, which had been besieged by the French
under General Forey from the i8th of March. The failure of the expedition
MEDALS OF MAXIMILIAN.
MEXICAN IMPERIAL COINAGE
PLATE VIII.
MEXICAN IMPERIAL COINAGE. 27
necessitated the surrender of the city, which took place on the 1 8th of May.
The fall of Puebla sealed the fate of the city of Mexico, and on the loth of
June General Forey, with the main body of the French army, made his
triumphant entry into the city of Montezuma.
THE MEDALS AND COINS OF MAXIMILIAN.
MAXIMILIAN, 1864-1867.
Ferdinand Maximilian, "Archduke of Austria, Prince of Hungary, Bo-
hemia and Lorrena, and Count of Hapsburg, was born in the palace of
Schonbrunn in Austria, July 6th, 1832." He was consequently about thirty-
two years of age at the time of his accession to the Imperial throne of
Mexico. His elevation to this high honor was brought about through the
agency of a committee empowered by the Assembly of Notables' in the city
of Mexico, to proceed to Maximilian's palace and there offer for his accept-
ance the Imperial crown. In compliance with this mandate a formal proffer
of the crown was made to him at Miramar on the 3d of October, 1863.
The ceremony of the formal acceptance of the throne and the coronation
did not, however, take place until the loth of April, 1864, at Miramar, at
which time and place the oath was taken " to procure by every means in his
power the well-being and prosperity of the Mexican nation, to defend its in-
dependence, and preserve the integrity of its territory." The Mexican flag
was raised upon the palace tower of Miramar, salutes were fired, and Maxi-
milian was declared Emperor of Mexico.
MEDALS.
The medals assigned to this division, appear to me to possess unusual
interest. They are of varying degrees of excellence, and of greatly varying
I The "Junta of Notables" was composed of two tative of all classes. It was really an irresponsible
hundred and fifty members, thirty-five of whom were body, and was created solely to carry out the designs of
appointed by the French commanders ; the remaining the French Emperor,
two hundred and fifteen were supposed to be represen-
28 MEXICAN IMPERIAL COINAGE.
sizes, and present us with examples of the work of artists on both sides of
the Atlantic.
Among them are to be found those commemorating the meeting of the
Notables at the city of Mexico, and of the acceptance of the throne and the
coronation at Miramar. There are also medals issued as awards for military
and civic merit, for the encouragement of the arts and sciences, and for pro-
ficiency in school exercises ; others are of a religious and personal character,
and finally there are the mortuary memorials of the closing tragedy at Quere-
taro on the 19th of June, 1867 ; these last, let us hope, will serve as a warn-
ing to all Old World potentates, that Imperialism can never be tolerated on
this side of the Atlantic.
The rims and edges of all are plain unless otherwise described.
1 . Obverse. Imaginary head of Maximilian in profile to left, with light
moustache and side whiskers, the hair straight and combed down over the
ears. Legend : To left, maximiliano and to right, de Austria all surrounded
by a border of small pellets. Reverse. Legend : junta de los notables
[Assembly of Notables.] In the field, in three lines mexico | 6 de julio |
1863 a rosette below the date.' A border of small pellets as on obverse.
Copper. Size 21.
2. Obverse. The heads of Maximilian and Carlotta in profile to left,
the Emperor with moustache, and heavily bearded. Beneath the truncation
of the Emperor j. wurden. (the engraver's name) ; at the bottom, a five-
pointed star. Legend : their names and titles — charlotte imperatrice,
maximilien empereuRo Reverse. An open wreath of oak at the left and
laurel at the right, the stems crossed and tied with ribbon. In the field the
inscription in eight lines * | appeles | par le | vceu du peuple | a faire le
BONHEUR I du mexique | • | A MIRAMAR | LE lo AVRiL | 1864=. [Summoned
I The date on the reverse, 6 July, 1863, is commem- pointed to journey to Miramar, and there tender the
orative of the meeting at which a committee was ap- Imperial crown to the Archduke Maximilian of Austria.
13
MEDALS OP MAXIMILIAN.
MEXICAN IMPERIAL COINAGE
PLATE IX.
MEXICAN IMPERIAL COINAGE. 29
by the prayers of the people to make Mexico happy.] Fonrobert catalogue,
No. 6697. Copper. Size 68.
The numbers following, from No. 3 to No. 13 both inclusive, are sup-
plied with eye and ring for ribbon, unless otherwise stated. All have the head
of Maximilian in profile for obverse, and wreath with inscription for reverse.
3. Obverse. Head of Maximilian in profile to right, with heavy pointed
beard and moustache. Beneath the head e. falot (the name of the en-
graver). Legend : maximiliano emperador Reverse. Within a closed
laurel wreath the inscription in three lines al | merito | militar [For mili-
tary merit.] Silver and copper. Size 34.
4. Obverse. Head to left in profile, with moustache and flowing beard.
Beneath the head stern, f. (the engraver's name). Reverse. A heavy,
closed laurel wreath. In the field in three lines al | merito | militar Silver
and copper. Size 35.
5. Obverse. Head in profile to right, much like No. 3, but the neck
much broader, and without name or initials beneath the head. Reverse.
Wreath and inscription almost exactly as No. 4. Silver, copper and copper
gilt. Size 35.
6. Obverse. Head in profile to right, much the same as No. 3, but
smaller and without name or initials. Reverse. Within a heavy, closed laurel
wreath, in three lines, al | merito | militar with eye for ring. Silver. Size
16.
7. Obverse. The same almost exactly as last, the beard more pointed.
Reverse. About the same also, except the wreath, which is not nearly so
heavy as in No. 6. Silver. Size 16.
8. Obverse. Very much as No. 6, but the beard more pointed. Reverse.
Wreath and inscription same as No, 7, except that the wreath is still lighter,
and the letters of the inscription smaller. Copper. Size 15.
30 MEXICAN IMPERIAL COINAGE.
9. Obverse. Design and legend about the same as No. 7, but some-
what smaller. Reverse, Nearly the same also, except that the wreath is
heavier, and the stems at the bottom are tied with ribbon. Below the wreath
s. N. G. (initials of engraver) ; no eye for ring. Silver and copper. Size 14.
10. Obverse. Head in profile to left, very much like No. 4, but better
executed, and the beard rather longer. Beneath the head g. t (engraver's
initials). Reverse. Wreath heavy as in No. 4, but much superior in detail
and execution. Silver, copper-gilt and white metal. Size 35.
11. Obverse. Very much the same as No. 3, but without name or
initials beneath the head. Reverse. About the same also as No. 3, but the
wreath is heavier and much finer in detail ; at bottom navalon. g. (name of
engraver). Silver and copper. Size 33.
12. Obverse. From the same die as the last. Reverse. A heavy,
closed oak wreath, the stems crossed and tied with ribbons ; in the field an
inscription in three lines, al | merito | civil [For civil merit, i. e. as distin-
guished from military achievement] ; and at bottom navalon. g. Silver and
copper. Size 33.
13. Obverse. Very nearly the same as No. 9, but from a slightly dif-
ferent die. Reverse. Within a heavy closed laurel wreath an inscription in
three lines al | merito | civil ; and at bottom s. n. g. ; without eye for ring.
Silver and copper. Size 15.
14. Obverse. Head of MaximiHan in profile to left, with moustache,
and heavy, pointed beard. Beneath the head n. d (designer's initials), 1865
OCAMPO. g (name of engraver). Legend: maximiliano emperador ; the whole
surrounded by a border of small pellets. Reverse. The Virgin of Guadaloupe
standing within an oval of clouds, at her feet an angel ; to the left, close to
the border, n. d. and to the right s. g. (designer's and engraver's initials).
Legend : to left, non fecit taliter to right, omni nationi * * * [" He hath
MEDALS OF MAXIMILIAN.
MEXICAN IMPERIAL COINAGE.
PLATE X.
MEXICAN IMPERIAL COINAGE. 31
not dealt so with any nation." Psalter cxlvii : 20, Vulgate] ; a border of small
pellets as on obverse. Silver and copper. Size 28.
15. Obverse. Heads of Maximilian and Carlotta, jugata, in profile
to left, the Emperor's head about the same as in No. 14. Beneath the heads,
to the left, NAVALON D. to the right, ocampo g. ; between the names is the date
1865 Legend : maximiliano y carlota emperadores A border of very small
pellets surrounds all. Reverse. The Virgin of Guadaloupe as in No. 14; at
the bottom a. spiritu. g (the engraver's name) . Legend : the same as No.
14, but there are only two stars at the end. Silver and copper. Size 33.
16. Obverse. Very similar to the last, but the top of Maximilian's
head is not so flat, and the letters of the legend, and date 1866, are larger.
Reverse. Exactly the same as No. 15 and apparently from the same die.
Silver and copper. Size 33.
17. Obverse. Bust of Maximilian nearly facing, but turned slightly to
the right, with moustache and full beard ; that on the chin being divided and
flowing to right and left. He is in military costume, with mantle of ermine,
scarf, and collar of the Golden Fleece ; three decorations adorn the left breast,
and an epaulet appears upon the left shoulder. Legend : to left, max kaiser
and to right, von Mexico A border of small pellets surrounds all. Reverse.
Bust of Carlotta crowned, and facing three-quarters to left, with mantle of
ermine ; the hair in ringlets falling over the shoulders. Legend : to left,
charlotte kaiserin and to right, von mexico No engraver's name or initials.
A border of small pellets as on obverse. White metal. Size 33.'
18. Obverse. Head of the Emperor to the right, very much as in No.
1 1 , except that the point of the beard is divided. Beneath the head, navalon.
D OCAMPO. G Legend : maximiliano emperador de mexico Reverse. A
handsome wreath of laurel and oak, the stems crossed at bottom and tied
I There is nothing on the piece to show the origin of peror of Mexico, Charlotte, Empress), may perhaps
this medal, but the German legends (Maximilian, Em- indicate that it was struck in Vienna.
32 MEXICAN IMPERIAL COINAGE.
with ribbon. In the field the inscription in five lines al | merito | cientifico |
Y I ARTiSTico [For Scientific and artistic merit.] Silver and copper. Size 46.
19. Obverse. From the same die as the last. Reverse. A wreath of
laurel, the stems crossed and tied with ribbon, the ends of which are pro-
longed, and nearly touch the rim at bottom ; the field is blank. Legend :
HONOR A LA juvENTUD ESTUDiosA [Honor to studious youth.j Copper. Size 46.
20. Obverse. A winged figure, seated on clouds and recording in an
open book. Legend : a la aplicacion premio de honor [Reward of honor
for application or faithful study.] Reverse. In wreath, la autoridad politica
DE MEXICO [^Literally, the political authority, i. e. the Government of Mexi-
co.'] This medal was by vivier and designed for distribution in the Gov-
ernment schools. {^George S. Skilton in Numisma.) Silver and copper.
Size 37.
21. Obverse. Fine head of Carlotta in profile to the left, the hair curi-
ously arranged in broad bands. Legend : to left m. carlota and to right,
EMPERATRiz Reverse. Within an oak wreath the inscription in three lines, al |
MERITO I civil; below the wreath s. n. g. Silver. Size 14.
It seems not improbable that this beautiful little medal may have been
intended for presentation to the recipients of the Order of San Carlos which
was instituted by the Empress, to be bestowed upon ladies distinguished for
their charities and other estimable qualities. It is the only medal I have seen
bearing the likeness of the Empress alone. The initials show the reverse was
the work of Navalon.
22. Obverse. Heads of the Emperor and Empress, jugata, in profile
to the left, almost identical with No. 15. Beneath the head of Maximilian c.
OCAMPO G. A sprig of olive at each side. Legend : maximiliano y carlota
I For centuries the entire control of public education the assumption of control — at least nominally — by the
in Mexico was in the hands of the clergy of the Roman political or civil authority, wliich was inaugurated by
Church, the ecclesiastical authority ; this medal shows the Liberals before Maximilian went to Mexico.
MEDALS OF MAXIMILIAN.
MEXICAN IMPERIAL COINAGE.
PLATE XI.
MEXICAN IMPERIAL COINAGE. 33
EMPERADORES Reverse. A broad wreath of nopal leaves (?)" on the left and
laurel on the right, the stems crossed and tied with a ribbon ; on the lower
curve of the ribbon c. o. g In the field an inscription in six lines, 1 2 | de
jUNio I DE 1864. I 19 I DE juNio | DE 1 867. — the date of the arrival of the
Emperor and Empress at the city of Mexico, and the execution of Maximilian
at Queretaro. Silver. Size 3 1 .
23. Obverse. Head of Maximilian in profile to the right, almost ex-
actly the same as No. 1 1 , but smaller. Beneath the head a. pittner. (the
name of the engraver). Legend : Maximilian i. * 19 . juni 1867. A depres-
sion two millimeters in width surrounding the legend, is filled with black
enamel. Reverse. An imperial crown from which is suspended by ribbons,
to the left, a shield bearing the arms of Austria, and to the right another with
those of Mexico. Beneath the former in a curved line osterreich [Austria] ,
and beneath the latter Mexico the whole surrounded by three branches of
thorn in trefoil, the ends cross&d. In the outer angles of the trefoil are three
branches of olive. Silver and white metal. Size 33.
24. Obverse. Head in profile to the right, somewhat like No. 5, but
much smaller, and the beard is not separated from the neck. Beneath the
head a. k. (engraver's initials, A. Kleeberg), and at the bottom a rosette.
Legend : Maximilian i kaiser von Mexico Reverse. A sword and sceptre
crossed in saltire behind an elliptical shield, imperially crowned, bearing the
arms of Mexico with border of small pellets, and supported by griffins ; be-
low is suspended the Order chain of the Eagle. Legend : above, geb 6. juli.
1832 [Born 6 July, 1832] and below, +19 . juni 1867 [Died 19 June, 1867],
with eye for ring. Copper-gilt and tin. Size 24.
25. Obverse. Head of Maximilian in profile to the right, similar to No.
3, but the top of the head more round. Beneath the head a. kleeberg (the
I It is difficult to say what the engraverlaad in mind possibly some variety of the cactus so generally asso-
— whether oak leaves or an indigenous tree or shrub — ciated with the Mexican arms.
34 MEXICAN IMPERIAL COINAGE.
name of the engraver) . Legend: Maximilian i. imperator mehicorum [Max-
imilian I, Emperor of the Mexicans.] Reverse. A monument, on the front
of which on a sword and sceptre crossed in saltire are the Mexican arms, im-
perially crowned and supported as in No. 24. At the side to the left is a
branch of willow. At the base, to the right. Fame seated is facing left, in her
right hand a trumpet; on the base to the left*MAx, the letters terminating at
the mouth of the trumpet. To the left of the base is a rose bush. Legend :
above, natus 6. jULii 1832 below, +19. junii 1867 (Dates of birth, etc., as on
preceding). At each side is a rosette. A lined circle separates the legend
from the field. White metal. Size 42.
COINS.
The coins of Maximilian, although issued from various mints during the
years 1864 to 1867, are with few exceptions not plentiful, while several are of
especial rarity ; they consist of the Twenty Pesos in gold ; the Peso, or dol-
lar ; the Fifty Centavos, or half dollar ; the Ten and Five Centavos in silver ;
and the Centavo, or cent in copper.
As to the comparative rarity of the different issues, I feel that I cannot
do better than to quote from Mr. Skilton's article in Numisma. Referring
to the coins he says : " Of these, the gold piece is of greatest rarity." The
design is the same as the dollar, but the dies were better finished, and the
impressions are generally sharp and perfect. They are infinitely scarcer than
any of the other coins, with one exception. Following in order of rarity we
have: second. The cent struck only in 1864 at the Mexico mint: third. The
half dollar struck at Mexico, 1866: fourth. The five and ten-cent pieces,
struck in 1864, 1865 and 1866: fifth. The dollar, 1866 and 1867, which we
I The American Journal of Numismatics for April, " It is currently reported . . . that there were but ninety
1867, contains a short article entitled "Maximilian's struck." If this be true, their great rarity is easily
Mint," in which the author referring to this piece says : accounted for.
MEDALS OF MAXIMILIAN.
COINS OF MAXIMILIAN.
MEXICAN IMPERIAL COINAGE.
PLATE XII.
MEXICAN IMPERIAL COINAGE. 35
have noticed from the mints of Mexico, Guanajuato and Potosi in 1866, and
afterwards in Mexico only. As the Mexican dollar has always been an article
of export from that country, it results that there is a Maximilian dollar of 1 866
which is common, and the only very common piece treated of in this article."
There are some trifling varieties to be found among the common dollars
and the small silver, but as they are unimportant only one of each denomina-
tion will be noticed.
1. Twenty Pesos. Obverse. Head of Maximilian, in profile to the right,
with moustache and heavy, pointed beard. Beneath the head, on a bowed
ribbon, navalon ocampo spiritu (names of designer and engravers) . Legend :
to the left, maximiliano and to the right, emperador A border of small pel-
lets. Reverse. On a sword and sceptre crossed in saltire, the imperially
crowned arms of Mexico, in an elliptical shield, supported by griffins. The
border of the shield is laurelled, and surrounded by the Order chain of the
Eagle ; below the shield a ribbon is suspended on which are the words equi-
DAD EN LA jusTiciA [Equity in justice, i. e. in its administration ?] ; above all,
the legend : imperio mexicano [Mexican Empire.] In the lower left margin,
20 PESOS and opposite, at the right, 1866 = m A border of small pellets as on
the obverse. Struck only at Mexico mint in 1886. No other mint or date
known. Edge mi Gold. Size 36.
The dies for this piece were evidently prepared with great care, and were
highly finished, and as shown above were the work of three artists, whose
names or initials appear on several of the medals ; on some of these two are
to be found in combination, but in no previous instance are three to be found
together except Nos. 15 and 16, on which two names appear ,on the obverse
and another on the reverse.
2. Peso, or Dollar. Obverse. Design and legend the same exactly as
the preceding, with slight differences of detail. Reverse. The same design
36 MEXICAN IMPERIAL COINAGE.
and legend also, but in the lower left margin i peso and opposite, at the right,
1866 i5[ ; the letters and figures of the date are somewhat larger. Edge
reeded as the preceding. Silver. Size 38.'
The dies from which this piece was struck are nearly as highly finished
as were those above mentioned for the gold.
3. Peso, or Dollar. Designs and legends on both obverse and reverse
exactly the same as No. 2, but differently executed as to details. The letters
on both sides are much larger, especially on the obverse, in which the legend
nearly touches the effigy at three points ; on the reverse the date is crowded
so as nearly to touch the lower part of the design. The dies are coarsely
executed and lack finish. These dollars were coined in 1866 at the mints of
Guanaxuato, Mexico and Potosi, and in 1867 at the Mexico mint only — those
struck at the Mexico mint in 1866 being the very common variety, from which
the engraving was made. Edge the same as No. i. Silver. Size 38.
4. Fifty Centavos, or Half Dollar. Obverse. Design and legend the
same precisely as No. 2, but smaller. Reverse. The Mexican eagle in an
imperially crowned elliptical shield, a ribbon festooned on each side at the
top ; on the border of the shield, to the left, equidad en and to the right,
LA jusTiciA ; a five-pointed star at the bottom. Legend : at the top, imperio
MEXiCANO ; in the lower left margin, 50 cent, and opposite, to the right 1866
M°. A border of small pellets on each side, as on the dollars. Struck only
at the Mexico mint in 1866. I have never seen a specimen of any other date
I A curious legend concerning this dollar may be In reference to this Mr. Skilton has this to say, " This
found in the American Journal of Numismatics, Vol. story in all its details is not known to the numismatists
XIII, p. 86, written by the late Dr. J. E. Nagle, of of Mexico, but they do know that such a die did go to
Mount Joy, Pa., which gives an account of the breaking pieces after a few dollars were struck, and that subse-
of the dies, stating that only thirty-five pieces had been quent dies were far inferior to it in workmanship
struck, and that in striking the next piece (the thirty- They are recognizable from the legend on the obverse,
sixth) the dies went to pieces ; that a flaw appeared be- which is in shorter letters, the surface, proof or approx-
fore the die broke, making a marked depression in the imately so, and the temple of the effigy much depressed."
temple of the effigy; that when Maximilian was shot, a The specimen from which the engraving was made
ball entered his temple at the exact spot indicated by was probably an early impression, as the indentation in
the flaw; and that he was in his thirty-sixth year at the the temple was not very deep, although plainly observ-
time of his execution. able.
MEXICAN IMPERIAL COINAGE. 37
or mint. They are extremely rare. Edge the same as No. i , Silver. Size
31-
5. Ten Centavos. Obverse. Within a laurel wreath in four lines, 10 |
CENT I {date) I {mint mark). Reverse. An imperially crowned Mexican
eagle, with serpent in his beak, and standing on a nopal of ten leaves, two
branches of olive below. Legend : above, imperio mexicano ; I have seen
specimens from the mints of Guanaxuato, Mexico and Potosi of 1864 and
1865, of Zacatecas struck in 1865, and of Mexico struck in 1866. I have not
noticed any of other dates or mints, but there are doubtless others. Rims
dentilated. Edge the same as No. i. Silver. Size 18.
6. Five Centavos. Obverse. Same design as last, but smaller, and the
four lines are 5 | cent. | {date) \ {mint mark) . Reverse. Design and legend
same as the preceding, but the details are somewhat different. I have seen
specimens struck at the mints of Guanaxuato and Mexico in 1864, 1865 and
1866, and at the mints of Potosi and Zacatecas in 1865 only. Rims denti-
lated. Edge the same as No. i. Silver. Size 16.
7. One Centavo. Obverse. Within an open laurel wreath in four lines,
I I CENTAVO I 1864 I M Reverse. An imperially crowned Mexican eagle
with a serpent in his beak, and standing on a nopal of eight leaves ; at the
bottom, two branches of olive. Legend : above, imperio mexicano These
pieces were struck only in 1864 at the Mexico mint ; they are of the highest
degree of rarity, and are seldom found in good condition. Rims milled.
Edge the same as No. i. Copper. Size 25.
From the foregoing it will be noticed that the imperial coinage was the
product of four mints, viz. : Guanaxuato, Mexico, Potosi and Zacatecas ; that
the copper was coined only at the Mexico mint in 1864 ; the small silver, from
the first three named, in 1864, from all four in 1865, and from the first two in
1 866 ; the gold and the half dollar were coined only at the Mexico mint in
38 MEXICAN IMPERIAL COINAGE.
1866; the dollars being from the first three named in 1866, and from the
Mexico mint only, in 1867.
It may be of interest in this connection to state that while not a single
coin of the Empire bears the impress of any northern mint, dollars of the
Republic were coined at the mints of Chihuahua and Durango, in 1865 and
1866, — the two entire years covered by the imperial occupation. Of the
former, specimens exist bearing the dates of 1865 and 1866, and of the latter
that of 1865. There may be others, but those mentioned are the only ones
known to me.
The Republican coinage was resumed in the latter part of 1867, and I
have seen examples from the mints of Chihuahua, Guanaxuato, Mexico and
Zacatecas.
COINS OF MAXIMILIAN.
MEXICAN IMPERIAL COINAGE.
PLATE XIII.
MEDALS OF THE REPUBLIC
STRUCK DURING THE INVASION.
BENITO JUAREZ, President, 1858-1872.
LOSELY connected with the coinage of the unfortunate
Maximilian were those issues of the Repubhc designed to
commemorate the battles which were fought against the
Imperial forces, or to decorate the soldiers who aided in
the defence of their father-land. During this period the
Republic continued to strike dollars at certain points, as we have already
stated ; but while these pieces were contemporaneous with the coins and
medals of Maximilian and minted in territory which he claimed as a part
of the Empire, although not controlling it, the coins cannot properly be
included here ; the medals require mention. The President of the Republic
during this critical period was Juarez, who may be briefly noticed.
Benito Juarez was a pure Indian of the Zapoteca tribe. He was born,
says Mr. Arthur Howard Noll,' of very poor parents in the mountains of
Oaxaca, in 1806, and until twelve years of age spoke not a word of Spanish,
but only the Indian dialect in use in his native village. Then, being given
I In the American Magazine for April, 1888.
40 MEXICAN IMPERIAL COINAGE.
a start in life, he was educated for the bar, and rose rapidly, both in the pro-
fession and in the politics of his country. He experienced all the vicissitudes
of political life, including arrest, imprisonment, sentence of death, escape,
exile and amnesty ; and he held the offices of legislator, judge, senator, gov-
ernor, cabinet minister, president of the Supreme Court of Justice, and finally
President of the Republic.
His hostility to the Church soon impelled him to issue a decree practi-
cally confiscating for the National use all Church property. Naturally the
adherents of the Church became at once his most bitter opponents, ready to
unite with Monarchists or Imperialists, just as soon as either of these parties
showed signs of activity.'
Juarez died in office in 1872, and was most highly honored by the Mex-
ican people ; he has by some been styled " the Lincoln of Mexico." His
tomb stands in the Pantheon of San Fernando, in the City of Mexico, about
midway of those of Mejia and Miramon, typical perhaps of the friendly rela-
tions existing between the surviving representatives of the Empire and their
Republican conquerors.
It will be noticed that nearly all of the medals assigned to this division
refer to the repulse of the French at Puebla on the 5th of May, 1862. As
this was about the only success of the Republican forces, the day has become
in its observance a sort of Mexican 4th of July. Its hero. Gen. Zaragoza,
was proclaimed " conqueror of conquerors," because it was asserted with the
exaggeration characteristic of Spanish blood, that the French had measured
themselves with and conquered all the nations of the world, and Zaragoza
had conquered the French !
I. Obverse. Within an olive wreath, an inscription in six lines, la | re-
PUBLICA I MEXicANA | A sus | VALiENTES | Hijos [The Mexican Republic to its
I In the American Magazine for April, 1888.
MEDALS RELATING TO THE FRENCH INTERVENTION.
MEXICAN IMPERIAL COINAGE.
PLATE XIV.
MEXICAN IMPERIAL COINAGE, 41
valiant sons] . At the bottom, below the wreath, s. n. g. (the engraver's ini-
tials, S. Navalon, Grabador.) Reverse. Within a laurel wreath, an inscrip-
tion in nine lines, combati(5 | con honor | en las | cumbres de | acultzingo |
CONTRA EL | EJERCITO FRANCES | EL 28 DE ABRIL | DE 1 862 [He foUght with
honor on the heights of Acultzingo against the French army, on the 28th of
April, 1862]. The upper two and lower three lines are curved. With an
eye for a ring. Copper. Elliptical. Size 22 x 27.
2. Obverse. From the same die as No. i. Reverse. Within a wreath
of laurel, an inscription in eight lines, triunf<5 | gloriosamente | del | ejer-
CITO FRANCES | DELANTE DE | PUEBLA | EL 5 DE MAYO | DE 1 862 [He triumphed
gloriously over the French army before Puebla, Mays, 1862]. The upper
two and lower two lines are curved. With an eye for a ring. Copper.
Elliptical. Size 22 x 27.
3. Obverse. Head of Gen. Zaragoza in profile to the right. Legend :
above, gral. ignacio zaragoza below, vencedor de los Franceses [General
Ignacio Zaragoza, conqueror of the French]. A small five-pointed star at
each side. Reverse. On a field of rays emanating from the centre is an in-
scription in three lines, mayo | 5 | 1862 With an eye for a ring. Silver and
copper. Size 28.
4. Obverse. A wreath of olive ; in the field is an inscription in six lines,
LA I republica I mexicana | A sus | VALiENTES | Hijos (translated in No. i).
Reverse. Within a laurel wreath, an inscription in nine lines, defendiendo a
LA CIUDAD I DE | PUEBLA | CONTRIBUYO AL | GLORIOSO TRIUNFO | CONTRA | EL |
EJERCITO FRANCES | EL 5 DE MAYO DE 1 862 [Freely, By the defence of the
city of Puebla, he contributed to the glorious triumph over the French army
on the 5th of May, 1862]. The first, eighth and ninth lines are curved.
Below the wreath navalon (the engraver's name). An eye, with clasp and
ribbon of green, white and red (the Mexican colors). Silver. Size 26.
42 MEXICAN IMPERIAL COINAGE.
5. Obverse. Similar to No. 4. Reverse. Within a laurel wreath an in-
scription in nine lines, derrotando a los traidores | el 4 de mayo | con-
TRIBUYO I EFICAZMENTE AL | TRIUNFO ALCANZADO EN | PUEBLA | CONTRA EL |
ejercito FRANCES | EL 5 DE MAYO DE 1 862 [Freely, By defeating the trai-
tors on the 4th of May, he contributed efficiently to the victory which ensued
at Puebla over the French army. May 5, 1862]. The upper three and lower
three lines are curved. Below the wreath, navalon. An eye for a ring.
Silver. Size 26.
6. Obverse. A laurel wreath, within which is an inscription in five lines,
EL ESTADO DE PUEBLA | PREMIA | EL VALOR | Y | LA CONSTANCIA. [The State of
Puebla, a reward for valor and fidelity.] The first and last lines are curved.
Reverse. Within a wreath of laurel, an inscription in four lines, combatio |
FOR LA I iNDEPENDENCiA | DE su PATRiA. [He fought for the independence of
his fatherland.] The first and fourth lines are curved, and there is a five-
pointed star between the third and fourth lines. Below the inscription, l. y.
(the engraver's initials). With an eye, clasp and ribbon (red and green with
white diagonal bar). The clasp at the top is a Mexican eagle in silver. Sil-
ver. Size 24.
7. Obverse. Legend : above, premio below, al patriotismo [Reward of
patriotism]; at each side is a five-pointed star. In the field an inscription in
seven lines, coopero | a la | defensa de la | republica | contra | el ejercito |
FRANCES [He aided in the defence of the Republic against the French army].
A double-lined circle separates the legend from the field. Reverse. Legend :
above, distintivo below, al valor [The badge of valor], a five-pointed star
at each side. In the field an inscription in six lines, combatio | por la | in-
dependencia I Y LAS | iNSTiTUTiONES | REPUBLiCANAS [He fought for independ-
ence and republican institutions]. Below the inscription, an eight-pointed
star, with dot and dash at each side. A double-lined circle separates the
9 AND 10 RELATE TO THE FRENCH INTERVENTION, 26 AND 27 TO THE FIRST EMPIRE.
[See Supplement.]
MEXICAN IMPERIAL COINAGE.
PLATE XV.
MEXICAN IMPERIAL COINAGE. 43
legend from the field. Size 22, on a radiated cross of eight points, each ter-
minating with a little ball ; with an eye for ring. Gun metal. Size over all
47-
8. Obverse. Within a laurel wreath, an inscription in four lines, el
ESTADO DE PUEBLA | AL | VALOR MiLiTAR. [The State of Puebla, for valor in
war.] The first line is curved. Reverse. Legend : above, asalto la de
PUEBLA [Assault on of Puebla ; there appears to be a blank intentionally
left by the engraver after la, as if proposing later to cut upon the die some
word equivalent to "defences," or the name of some outwork]; below, 2 de
ABRIL de 1867. [April 2, 1867.] In the field an inscription in six lines, LOS ]
venciendo I A LOS | TRAiDORES | A LA | PATRiA. [They Conquered the traitors
to their country.] Below the inscription, a five-pointed star. Copper.
Size 26.
9. Obverse. On the field an inscription in seven lines, al | c° presi-
DENTE I BENITO JUAREZ | EN SU VUELTA | A S!" LUIS POTOSI | FEBRERO DE. | 1 867.
[Freely, To President Benito Juarez on his return to (?) San Luis Potosi,
February, 1867.]' The sixth line is curved. Below the inscription are three
small rosettes, joined together by a line, and at the bottom a. floret g. (the
engraver's name.) Reverse. At the top a liberty cap emitting rays which
nearly cover the field. In the field the Mexican eagle standing upon a nopal
of nine leaves, rooted upon a rock ; to the left a branch of oak, and to the
right a branch of laurel ; below all is a trophy of flags and arms. Upon a
small guidon is seen the date 18 10 (the commencement of the revolutionary
period). Silver. Size 48.
10. Obverse. On the field an inscription in five lines, defendio | la |
independencia I nacional I oaxaca [He defended national independence :
I This apparently refers to some military movement found no specific incident mentioned which this piece
by Juarez during the closing scenes of the war. Vuelta commemorates. " Co." is probably equivalent to " His
literally means a turning, or a return, but we have Excellency."
44 MEXICAN IMPERIAL COINAGE.
Oaxaca] .' The first and fourth lines are curved. A dot and dash ornament
below. The border is a heavy closed wreath of laurel, surmounted by an
eagle. Reverse. Within a heavy closed olive wreath is an inscription
in six lines, venciendo | al | enemigo | estrangero y al | traidor a su
I patria [He conquered the foreign enemy and the traitor to his father-
land]. The first, fourth and fifth lines are curved. A dot and dash
ornament below. Suspension bar at the back of the eagle, removed. Cop-
per. Size 32.
1 1 . Military decoration in gilt and enamel. Obverse. A star of eight
points (in four) in red enamel ; between the points are rays in gilt, all bound
together by a wreath in green. The centre is white. ^ Legend : above, premio
below, AL patriotismo [Reward of patriotism]; a five-pointed star at each
side. In the field an inscription in seven lines, coopero | a la | defensa de
LA I REPUBLiCA | CONTRA | EL EjERCiTO | FRANCES [He aided in the defence of
the Republic against the French army] . Reverse. The same as obverse,
but without the wreath. Legend: above, distintivo below, al valor [The
badge of valor] . In the field an inscription in six lines combatio | for la |
independencia I Y LAS | iNSTiTucioNES | REPUBLicANAS [He fought for inde-
pendence and republican institutions]. Below the inscription a five-pointed
star. With clasp and ribbon (white with red diagonal bar). Size over all,
45-
12. Military decoration, same design as last, but the rays are silver.
Obverse. Legend : above, premio below, al patriotismo [Reward of patriot-
ism]. A five-pointed star on each side. In the field an inscription in six
lines, COMBATIO | a la | INTERVENCION I FRANCES A Y SUS | ALIADOS DESDE |
1 86 1 HASTA 1867 [He fought against the intervention by France and her
I These medals were apparently conferred by the in the National Army against the French invaders,
various States upon those of their citizens who served 2 Red, green and white are the Mexican colors.
MEXICAN IMPERIAL COINAGE. 45
allies from 1861 to 1867]. Reverse. Legend: above, distintivo below,
DE CONSTANCIA Y VALOR [Badge of devotion and valor]. In the field an
inscription in six lines, salvo | la | independencia [ y las | instituciones
I REPUBLiCANAS [He preserved independence and republican institutions].
Suspended from an eagle in silver ; with ribbon (white, with red edges) .
Size 45.
13. Military decoration for special service. This is an elliptical plate
of silver, 38 x 47, with the centre removed for the insertion of a Maltese
cross 34 X 42 ; the cross is 14 x 24, and is made hollow for the concealment of
despatches ; it is hinged at the top and secured by a small screw at the bottoms
Obverse. The centre is black enamel, on which is an inscription in nine lines
in white, defendio [ a Puebla | de | zaragoza | in | 1863. | contra | el j
EjERCiTO FRANCES [He toolc part in the defence of Puebla by Zaragoza, in
1863, against the French army]. Reverse. Same as the obverse, except
that the central portion is white enamel on which appears the Mexican eagle
in black. Altogether the whole affair is very ingeniously contrived. The
hinge at the top is in the form of a loop for the ribbon, which is red. Ellipti-
cal, 38 X 47.
SUPPLEMENT.
THE KIRST ENIPIRE.
MEDALS AND COINS OF AUGUSTINE I,
T may be remembered that the description of No. 26 of the
medals of Augustine was made from a rubbing, as stated at
the beginning of this work. Through the kindness of Mr.
Skilton, the owner of the piece in question, I have been enabled
to have a cut made from it, which will be found in the supple-
mental plate, and as there are some differences observable, I have thought
it best to re-write the description in full from the piece itself.
26. Obverse. In the field, in the upper angle formed by a sword and
sceptre crossed (the latter surmounted by the Imperial Mexican eagle), is an
Imperial crown surrounded by rays which fill the field. Legend : a agustin
I? EMPERADOR coNSTiTucioNAL DE MEXICO * [To Augustine I, Constitu-
tional Emperor of Mexico.] The space between the words emperador
and CONSTITUCIONAL is filled by a ribbon on which (incused) are the words
GIL . TORES Reverse. A laurel wreath, open at the top and the stems tied
with ribbon. The open space in the top of the wreath is filled by an
eagle in flight toward the left, the head crowned and turned to the right ;
in the right talon he holds an olive branch with four leaves ; at each side, and
First Empire. — Coins of Augustine I.
[See Supplement.]
Second Empire. — French Intervention.
[See Supplement.]
MEXICAN IMPERIAL COINAGE.
PLATE XVI.
MEXICAN IMPERIAL COINAGE. 47
above the inscription is an eight-pointed star. In the field is an inscription
in six lines, proclamado | en la villa de | villa gutierez | del aguila . el |
2 . DE FEBRERo | DE 1 823 [Proclaimed in the town of Villa Gutierez del
Aguila, February 2, 1823J. The specimen from which the engraving was
made had a loop soldered on, for suspension by ribbon. Edge plain. Silver.
Size 31.
27. Obverse. In the field a monogram in two parts, in which we may
read avgvstinvs or agvstin, or by taking the larger part alone we find
all the letters necessary to spell the word yvcatan. The monogram is large
and nearly fills the field. Legend : emperador constitvcion. (al) [Consti-
tutional Emperor.] Reverse. In the field at the top, Lo ro and below, E n.
parts of other letters may be found between, but too nearly obliterated to be
deciphered. Legend : 'i'f(s)timonio desv (the v is cut in by a chisel) fideli-
dad. [Testimonial of its fidelity.] Rim slightly serrated. Edge plain. Sil-
ver. Size 34.
The above described medal was called to my attention by Mr. Geo. F.
Ulex, of Hamburg, Germany, who very kindly forwarded the piece for exam-
ination ; it was in bad order, and some of the lines were hard to make out,
but the illustration gives a very good idea of the piece. There is just room
for two letters between Lo and ro on the reverse, and there are slight indica-
tions that the missing letters are su or sa thus making the word Losuro or
Losaro. The location is unknown, probably some town in Yucatan.
6. Peso, or Dollar, correctly described on page 18 supra. It has since
been engraved, and now appears in Plate XVI.
I am also indebted to Mr. Ulex for a rubbing of a Half Ounce of Augus-
tine, of 1823, a coin of which I had no previous knowledge, and I think hith-
erto unknown to American numismatists. This also I have had engraved,
and it will be found in its proper place on the same plate. It should
48 MEXICAN IMPERIAL COINAGE.
have followed the Ounce in the regular series, in which case it would have
been No. ii (page 19). I now make it
\oa. Medio Onza, or Half Ounce. Obverse. Design and legend the
same exactly as No. 10, but smaller, and the line of truncation is very irregu-
lar. Reverse. Also the same, except that the legend is mex = i = imperator =
CONSTITUT o4°soioM<= [First Constitutional Emperor of Mexico. 4
Scudos and engraver's initials. Four Scudos or Escudos were equal to eight
Pesos.\ Rims dentilated. Edge issssssssss Gold. Size 30.
THE SKCOND ElVIPIRE.
FRENCH INTERVENTION.
MEDAL OF NAPOLEON III.
10. Obverse. Laureated head of the Emperor in profile to left, in high
relief. Legend : napoleon hi empereur Beneath the head depaulis f. (the
name of the engraver). Reverse. Legend: ministere de l'instruction
PUBLIQUE • [Minister of Public Instruction.] In the field an inscription in
seven lines, commission | scientifique | du | mexique | 1864 | v. duruy | min-
istre a beaded circle separates the legend from the field. In my possession
from the Weyl Sale, Berlin, April 11, 1899. Silver. Size 35. Proof.
This should follow 9 on page 26.
In conclusion I desire to make acknowledgment for most valuable
assistance rendered by Mr. W. T. R. Marvin, to whom I am indebted for
aid in the translations, as well as for many suggestions tending to greater
completeness than would otherwise have been possible.
To Mr. Geo. S. Skilton through whose kind offices many choice speci-
mens have in the past been added to my collection, my acknowledgments
are also due, and are hereby gratefully tendered.
J /o
7?f
^^^2^^^
/r^^
UNDE8GRIBED PROCLAMATION PIECES.
PLATE 1.
^(SjarcjsTe-JtsJifcs^
,«r*.CTB.Sr*"5
lOME UNDESCRIBED
S. SPANISH-AMERICAN •t' #
( PROCLAMATION PIECES.
0^
By benjamin BETTS,
MEMBER OF THE AMERICAN NUMISMATIC AND ARCHAEOLOGICAL SOCIETY OF NEW YORK.
PRIVATELY PRINTED,
1898.
REPRINTED FROM
'THE AMERICAN JOURNAL OF NUMISMATICS.'
SOME UNDESCRIBED
SPANISH-AMERICAN PROCLAMATION PIECES.
BOUT thirty years ago, my attention was incidentally at-
tracted to a group of Medals, and Medallic Coins, which,
up to that time appeared to have been treated by numis-
matic students in the United States, with undeserved
neglect. The series to which I refer is that very interesting
class of pieces issued by individuals and municipalities, upon the accession
to the throne of the Spanish Kings, and known generally as Proclamation
Pieces. The first of which we have any knowledge, were struck upon the
accession of Philip II in 1555 ; and the beginning of each reign since that
time up to and including that of the late King (Alfonso XII), has been
marked by the appearance of a greater or less number of these medallic
mile-stones, embodying, if carefully studied, much historical information.
These were issued not only in the mother country but in her colonies ;
and it is the Spanish-American pieces only that are to be considered in
this paper.
But few publications concerning them have as yet appeared ; and none
in English, as far as known to the writer ; a few which were struck in the
4 SOME UNDESCRIBED
Spanish- American Colonies previous to 1788, were described by the late C.
Wyllys Betts, in his " American Colonial History Illustrated by Contemporary
Medals," New York, 1894, but these are but a very small portion of those
issued. The most recent, and also the most important of these works, is that
entitled " Medallas de Proclamaciones y Juras de los Reyes de Espana, por
Adolfo Herrera." Published at Madrid in 1^82. In these great volumes,
three hundred and fifty-two pieces relating to the Spanish Colonies in Amer-
ica, are minutely described, and most of them are illustrated by steel
engravings.
In exploring this fruitful field, I have been so fortunate as to unearth
ten that are entirely new, as well as twenty-five others that are more or less
marked varieties of those already described ; thus making a total of three
hundred and eighty-seven, classed as distinctly American : that there are
many others yet to be noticed is very probable.
The descriptions which will first be given in this monograph are those
above mentioned as entirely new, and will be followed on subsequent pages
by an article in which the twenty-five varieties will be described, and the
points in which they differ from the published examples fully noted.
In the use of the terms right and left, the observer s right and left are to
be understood, except where reference is made to the right or left of a figure
on the piece, in which case the meaning is obvious. The sizes given are in
millimeters. The variation in the dates appearing on the pieces from those
of the Proclamation in Spain, it is probably unnecessary to explain, are due
to the length of time required for the announcement of the accession of a
new King to reach the Colonies. I give the date of the Proclamation in
the mother country immediately following the name of the King, in every
instance where it seems to be definitely settled.
SPANISH-AMERICAN PROCLAMATION PIECES. $
LOUIS I. Proclaimed 17 January, 1724.
Havana, Cuba.
1 . Obverse. Bust to right, with mantle. Legend : lvispr ( ) d espa (in-
cuse) . Reverse. Two keys vertically arranged, the bows at top, and the wards
turned to right. Legend (above) = ha( )ana <> (below) oqendo (the ns are
reversed). Edge plain. Silver. 20. This example being pierced at top,
it is impossible to supply the missing letters with certainty.
CHARLES III. Proclaimed ii September, 1759.
Oaxaca, Mexico.
2. Obverse. Bust in armor to right, with peruke, mantle and Order of
the Golden Fleece ; beneath the bust, oaxaca Legend : cvivs . est itx . . . . rc
J [The character before the second c appears to be a monogram, but is not
readily decipherable. See cut.'] caroli ; at bottom completing legend « iii «
Border serrated. Reverse. A crowned shield, bearing a rampant lion facing
right ; a wide border at the sides and bottom-, has on its sides four crosses
[saltires], two on each side, and at the bottom two more of the same form
with an orb between. In the field at each side is an ornament composed
of pellets. Beneath the shield grandiUana. Legend : hisp. et. ind /Eq.
PROCLA and at bottom, » 1 760 » Border serrated. Edge engrailed n □ □
Very rude. Silver. 36.
Quito, S. A.
3. Obverse. Bust to left, with peruke, mantle and Order of the Golden
Fleece ; beneath the bust are two hemispheres, overlapping ; in the field to
right, and close behind the head is an ornament of six pellets » Legend :
CAROLVS III HISPA * REX . Reverse. A crowned shield with the arms of Spain :
Quarterly, castles in first and fourth ; lions in second and third quarters, for
I The characters and letters on the coins have been a better idea of the singular form of the rude mono-
followed as closely as possible with the material ob- grams, etc., than any verbal descriptions can do. Many
tainable. The plates which accompany this paper give letters were made with broken punches.
6 SOME UNDESCRIBED
Castile and Leon ; a pomegranate in the centre on an escutcheon of pretence,
for Granada. The crown, which has high open arches, is large in proportion
to the shield. Legend (left) vtraqve (right) enqvito 1760 Edge plain.
In high relief. Silver. 33.
Mexican ?
4. Obverse. Armored bust to right, laureated, the hair tied with ribbon.
Legend: carox hi • vh\' gpta and below the bust • 17s ■ Border serrated.
Reverse. At top is a large crown with spreading arches, from which is sus-
pended what appears to be an old-fashioned iron pot with a cover and three
feet, between two pillars entwined with ribbons. Legend, reading downward
on the left : ■ i-iiz'ijV'^XDRS '^ix' cqr" Border serrated. Edge
plain. Struck from dies. Lead. 35.
This is a most extraordinary production ; probably the work of a country
blacksmith, whose stock of punches in various stages of dilapidation, seems to
have been utilized to their utmost capacity ; thus u turned to right becomes
c ; J5 turned upside down serves in place of r on both obverse and reverse ;
T is worked for all it is worth, doing duty also as e and l ; p appears in one
case as R ; s is made to answer in place of 6 and on the reverse a broken 8 is
compelled to serve for s ; i thrown over on its side is transformed into H ; and
some others (seemingly fragments) cannot be placed with certainty. Some
are placed with the tops of the letters outward, others inward. In short we
have here a conundrum of the first class. Who will undertake to solve it ?
We can conjecture that the reverse inscription was intended to read some-
what as follows: • his'pa(n) et (in)d(ia)r(u)m • (r)ex • c(a)rl but the
ingenuity which is required to find these letters may be thought hardly
inferior to that of the engraver who made the dies. The style of the
face somewhat suggests Aztec art, but the locality where it was struck is
unknown.
SPANISH-AMERICAN PROCLAMATION PIECES. 7
Santa Maria del Rosario, Cuba.
5. Obverse. Profile bust in armor to right, with peruke and frill.
Legend : carlos . hi . d . g . hispan . rex . Border corded. Reverse. A small
tree or shrub, with a bird nested upon it to left ; at the roots of the tree 1 760.
Legend : jhp. rviz. s. m. r. + « + Border corded. Edge plain. Sil-
ver. 30.
Herrera describes a piece with a bird nesting upon a small tree on the
reverse, almost exactly identical in design with the above, except that it has
a different legend, which reads quiebraxaha h^d domingo ruis + A piece
exactly the same as the one described above is in the collection of Mr. Geo.
H. Skilton, of Brooklyn, except that the name on the reverse is spelled ruic.
In view of the fact that Santa Maria del Rosario is a place of considerable
importance, situated within twenty miles of the City of Havana, we think that
we are justified in regarding S. M. R. as the initials of the town to which
we have attributed it.
CHARLES IV. Proclaimed 17 January, 1789.
Chihuahua, Mexico.
6. Obverse. Armored bust of the King to right, in profile, with mantle
and Order of the Golden Fleece ; the hair long, and tied with ribbon.
Legend : carol • iv • d • vocat • indiar • lv°er a • p • a ■ trivmph • [several letters
are combined in monograms.] Beneath the bust 1790; rim raised. Reverse.
In the field a rude crown. Legend : jvdex eccles & clervs chihvahv • Rim
raised. Edge plain. Very rude. Silver. 38.
Cumana, Venezuela, S. A.
7. Obverse. Bust to right in profile, with peruke and mantle. Legend :
CAROLVS \ • D • G HISPAN ' REX Rim slightly raised. Reverse. In field tovr in
monogram, with the tilde above. Legend : d • andtesfrs • por [the- last two
8 SOME UNDESCRIBED
letters may be op or qp combined] • cvmana at bottom ■ 1 789 • Rim slightly
raised. Edge plain. Silver. 28.
The above is the first instance within my reicollection in which an Arabic
figure (4) is used in connection with the title of the sovereign, although such
use was frequent in the following reigns. The monogram on reverse bears a
very close resemblance to that used by the'students of Salamanca, who on
graduating from college, painted them in red on the walls of the neighboring
houses, the meaning being victor. From this practice doubtless originated
the saying " they painted the town red." The individual responsible for the
issue of this piece was not improbably a graduate of Salamanca, and availed
himself of this means to advertise the fact.
Puebla de los Angeles^ Mexico.
8. Obverse. Rude profile bust in armor, draped, to right, the hair in a
queue. Beneath the bust sanchez Legend : carolvs iv . rex catholicvs
Reverse. Inscription in nine lines : Caroli IV Hisp . | et Ind. Reg Proclama |
tio Augusta Angelop. in | Nova Hisp. die xvii | Janva. MDccLxxxx • | a-D"
Jgnatio Maria de | Victoria. Salase' Frias | et Moctesuma Magno | Vexillifero
•x/r Edge plain. Very rude. Silver. 40.
The Moctesuma here mentioned was perhaps the local magistrate of the
town (the Alferez Real) and may have been a lineal descendant of the ill-
fated Montezuma, as members of the family remained for many years after the
Conquest, and were persons of note and influence.
Santo Domingo, W. I.
9. Obverse. Bust to right in armor, the hair long and flowing. Legend :
CAROLO IV • HISP. ET IND. R. F. o. 1 789 Border corded. Reverse. Crowned
key (vertical) supported by lions, the wards at top turned to left. Legend :
lo Obv.
UNDESCRIBED PROCLAMATION PIECES.
PLATE 2.
SPANISH-AMERICAN PROCLAMATION PIECES. 9
HisPANiOLA OFFERT. [rt in monogram] prim, postcastell. Border corded.
Edge -^-x..-s..-s.-s^ Silver. 31.
This device is quite similar to an earlier one of Charles III, described by
Herrera as 97 under the Proclamation pieces of that monarch.
FERDINAND VII. Proclaimed Heir to the Crown in 1790; succeeded rg March, 1808.
Montevideo, Uruguay, S. A.
10. Obverse. Armored bust to right, nearly facing, with mantle and
frill ; the hair long and flowing. Legend : fern a d vii. sp. et • ind rex .
Border corded. Reverse. A mountain on which is a castle with three towers ;
on each side and over the castle a ribbon on which is feinando. vii • (the n's
reversed). Legend: proclamatus • in Montevideo 1808. Border corded.
Edge plain. Very rude. Silver. 36.
H. P. Varela, in his work entitled " Ensayo de un Catalogo Descriptivo
de las Medallas de Proclamaciones de los Reyes de Espaiia," published at
Havana in 1863, gives the following description of a piece of Charles IV as
being in the collection of Don Pedro Alonzo O'Crowley, viz. :
a. Obverse, proclamatus in Montevideo 1789. Reverse. His arms
surrounded by the legend : castilla es mi corona
Herrera in his great work, makes no mention of any piece pertaining to
Montevideo, except the O'Crowley piece, which he copies from Varela ; curi-
ously enough however, he describes two pieces of that city, difi"ering in size,
but classes them as uncertain {inciertd). They are as follows, viz. :
lo SPANISH-AMERICAN PROCLAMATION PIECES.
b. Obverse. Laureated bust in armor, to right ; beneath the bust 1808.
Border corded. Reverse. A mountain peak with tower, and on a ribbon
above feinando • vii Border corded. Silver. 29.
c. Obverse. Armored bust to right, laureated : beneath the bust 1808.
Reverse. Field blank. Legend: feinando • vii . Silver. 22.
The larger of these (size 29), is described in the Fonrobert catalogue
(No. 6480), but is attributed to Mexico.
_p..,_-pAsr==siSflSSB^
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J!l
UNNOTICED VARIETIES
SPANISH-AMERICAN PROCLAMATION PIECES.
HE following described pieces are those alluded to on a
previous page, as varieties which had apparently been
overlooked by all authorities to whose works I have had
access. The work of Adolph Herrera, being, as I believe,
the most accurate, as well as the most comprehensive which
has yet appeared upon this subject, has been selected for the purpose of
comparison, because of the minuteness of the descriptions and the faith-
fulness of the illustrations, as well as from the fact that the author appears,
by copious quotations, to have been familiar with the works of all those who
had preceded him.
In making these comparisons, it may be proper to state that they are
invariably based upon pieces actually in my own possession, and which it is
quite evident were the production of different dies or moulds. Many other
varieties may, and probably do, exist in other cabinets ; but as I have had no
opportunity for critical examination, I have confined myself to my small col-
lection of about two hundred and twenty examples. Many trifling variations,
12 UNNOTICED VARIETIES OF THE
which might be due to slight errors of description or illustration, have been
passed over as being of no importance.
The numbers quoted from Herrera may appear somewhat confusing. It
may be said, in explanation, that this is due to his system, in which each
reign is numbered separately ; beginning invariably with those of Spain
proper, followed by those of the Spanish possessions in America, the Low
Countries, Italy, and the Philippine Islands, in the order named : the place
names are arranged in alphabetical order.
The terms, sizes, etc., used, are the same as those already mentioned.
For convenience, H. is used to signify Herrera.
PHILIP V. Proclaimed at Madrid 24 November, 1700.
Mexico, Mex.
I . Obverse. Armored bust to right, with peruke and mantle. Legend :
PHILIP : V : DG : hispaniarvm : rex . an : 1701 Rim milled. Reverse. A castle
of two stories, with lions as supporters, and surmounted by a nopal of five
leaves, from which an eagle is taking flight toward the right ; water in front
of the castle. Legend : imperator o + indiarvm - In field, mex ico Rim
milled ; edge plain. A very fine work in strong relief. Silver. 30.
This is similar in design on both obverse and reverse to H. No. 6, but
differently executed. On the obverse the variation in treatment of the armor
is quite noticeable, and the legend dififers in the omission of three points
(thus ■:) at the commencement of the legend (and just under the shoulder),
and in having but one point after rex. where H. has two. On the reverse
there are five nopal leaves, while that of H. has six; the wings of the eagle
are extended to right and left, the tip of the left wing nearly touching the
letter n in the legend ; in H. the eagle is shown " sidewise," the head to
right ; the left wing is partly hidden behind the right, and the top of that
PROCLAMATION PIECES-UNNOTICED VARIETIES.
PLATE 3.
SPANISH-AMERICAN PROCLAMATION PIECES. 13
portion shown nearly touches the cross, H. calls it a casting ; the above
described specimen appears to be from a die.
FERDINAND VI. Proclaimed lo August, 1746.
Guatemala, Cent. Amer.
2. Obverse. Bust in armor to right, with peruke. Legend : ferd • vi •
D • G • HisPAN • ET IND " REX * Border dentilated. Reverse. A horseman
with uplifted sword, charging to left [probably typifying St. James, the Span-
ish patron saint] above two mountain peaks, the one to left being an active
volcano. Legend : guat • in • eius • proclamatione • 1 747 • Border denti-
lated. Edge engrailed -♦•a* Silver. 31.'
This piece bears a close resemblance to H. No. 42 ; the variation in the
obverse consists in a different rendering of the hair and armor, the legend
being exactly the same. The principal differences observable on the reverse
are to be found in the peaks of the mountains and in the position of the
uplifted sword ; the former, in H., are more pointed, and neither of them
appears as a volcano ; the latter points to s in legend, while that described
by H. points to p, the legends being indentical.
3. Obverse. Nude bust to right, with peruke. Legend : ferd • vi • d • g •
HIS ET IND • REX • A border of pellets. Reverse. Two mountain peaks, above
which a horseman is charging to left, his sword pointing to the right of s in
the legend ; the hind feet of the horse rest upon the mountain to right.
Legend : g • in • eius • proclamat • 1 747 • A border of pellets ; edge plain.
Silver. 17.
The head on the obverse of this piece nearly fills the field, that described
by H. No. 44, being much narrower and otherwise entirely different. On
I As will be seen in the plates, the date is usually at site direction from that of the legend. The exceptions
or near the bottom of the piece, and reads in an oppo- to this rule are very few.
14 UNNOTICED VARIETIES OF THE
the reverse, while the horse's hind feet are resting on the mountain, the horse
is in a leaping attitude, whereas on H. No. 44 he is represented as standing,
his forefeet resting on the mountain to left and his hind feet resting on the
one to right.
Santiago de Cuba, W. I.
4. Obverse. Armored bust to right, with peruke and frill. Legend :
FERD. VI. HispETiNDiARVN. REX ■:• The legend is on a broad rim raised much
above the surface of the field. Reverse. St. James on horseback charging
over a bridge to left ; in his right hand a heavy sword, raised in the act of
striking ; beneath the bridge, 1 747 Legend : ioan. d caxigal p. cvb. er-
CLAMAT •:• Legend on raised rim as on obverse ; edge plain. Silver, cast. 26.
This resembles H. No. 60, from which it differs principally in the treat-
ment of the hair and armor on the reverse, and in the great depression of
the field on both sides. The bridge on reverse is slightly different. In H.
60, there are five points :•: at end of legends.
CHARLES III. Proclaimed ii September, 1759.
Florida.
5. Obverse. Bust in armor to right, with peruke. Legend : carlos •
[ar in monogram] iii ■ d • g • hisfan'rex Rim slightly serrated. Reverse.
A full-blown rose on stem with two leaves. Legend : jvan • estevandepena •
FLORIDA • 1 760 • Rim slightly serrated ; edge plain. Silver, cast. 31.
H. in describing this piece (No. 56) has followed Dickinson, and if he
has correctly illustrated it, it is essentially different from the above piece ; the
treatment of the bust varies widely in almost all details ; the same may be
said of the legend. The reverse also presents striking discrepancies : in
place of the leaf on the left of the stem there is an opening bud, and the
branch at the bottom is missing ; the legend also is differently treated. The
SPANISH-AMERICAN PROCLAMATION PIECES. IS
obverse of a piece of Charles III, struck for Havana, is almost an exact coun-
terpart of the above, and if not from the same die or mould was undoubtedly
by the same hand. The Fonrobert specimen also varies essentially.
Guatemala, Cent. Atner.
6. Obverse. Armored bust to right. Legend : carolus • hi • d • g • his-
PAN • ET ■ iND • REX • Border dentilated. Reverse. A horseman charging to
right over two mountains, that to right being a volcano in eruption. Legend :
GUAT • IN • Eius PROCLAMATiONE ' 1 760 ' Border dentilated. Edge engrailed
-••«• Silver. 34.
The obverse of the foregoing seems to be identical with H. No. 61, but
the mountains on the reverse are entirely different ; those on the H. piece are
very pointed, and neither of them appears as a volcano, while in that above
described the mountain tops are much rounded, and the one to right is a
volcano.
7. Obverse. Bust to right in armor. Legend : carolus • hi • d • g *
HISPAN • ET • IND ' REX o Border dentilated. Reverse. A horseman charging
to right over two mountain peaks, that on the right being a volcano in erup-
tion. Legend : guat • in • eius • proclamatione • 1760 Border dentilated.
Edge engrailed -*-a« Silver. 27.
The obverse of this piece strongly resembles that of H. No. 62, the
head and bust being somewhat different ; legend exactly the same. The
reverse varies as last in the shape of the mountains, and the one on the right
is a volcano in action.
8. Obverse. Bust in profile to right. Legend : carolus ■ iii • dg • his-
pan • ET • IND • REX ' Border dentilated. Reverse. A horseman with uplifted
sword charging to right, over two mountain tops ; the one to right being an
active volcano. Legend : guat • in ■ eius • proclamatio 1760. Border slightly
serrated. Edge engrailed -«-* Silver. 2 1 .
i6 UNNOTICED VARIETIES OF THE
H. No. 63, while bearing a close resemblance to the above, presents
some differences. The legend on obverse has a period between d and g,
two periods (:) between a and n in hispan and the border is dentilated. On
the reverse, the legend ends with proclamatione and there are periods at
each side of the date ; the border is dentilated.
9. Obverse. Head of the king to right. Legend : carolus • hi • d • g ■
hispan • ET • IND ' REX " Border of small tassels. Reverse. Two mountain
peaks, above which a horseman with uplifted sword is charging to right ; the
mountain on the right being a volcano in action. Legend : G * in eius • pro-
clamatione • \"](iO' Border of small tassels. Edge engrailed •^♦- Sil-
ver. 17,
Much like H. No. 64, which, however, differs from the above in the
legend on obverse, which has no point after d and g, and the border is
dentilated. The legend on reverse has a period after in and the border is
dentilated.
CHARLES IV. Proclaimed 17 January, 1789.
Florida Oriental, Uruguay, S. A.
10. Obverse. Bust to right, with mantle ; the hair in a cue. Above
the head are four pellets (•:•), and above this and close to the border is a
raised section of the field conforming to the curve of the border ; a similar
section appears below the bust. Legend : carolus iv. d. g. • : ■ hispan . rex
Border, a cord adorned with little rings. Reverse. In the field is a flower
with six pointed leaves (or perhaps seed-pods) radiating from a small circle
or button in the centre. (H. calls this a " sea star," " estrella de mer.")
Above this device is a castle, and below it a lion rampant, to left. Legend :
laflor* oriental per zesped^ proclam:^"^ 1789 Border similar to obverse,
but with small pellets between the rings. The legend is broken at the top
13 obv,
PROCLAMATION PIECES-UNNOTICED VARIETIES.
PLATE 4.
SPANISH-AMERICAN PROCLAMATION PIECES. 17
by the castle and at the bottom by the lion, which project through it nearly
to the border. Edge plain. Silver. 34.
The designs and legends on the piece above described are about the
same as H. No. 153, but with some variations ; on the obverse the difference
in treatment of both the head and the bust is quite observable ; the raised
portion of the field above the head is faintly indicated, and that below the
bust does not appear at all ; the border also is entirely different. On the
reverse of H. there are two points above the castle (:), and the small letters
over the date read tur instead of tub ; the border also is very dissimilar.
I am aware that this piece has by some authorities been attributed to the
State of Florida ; but, as it seems to me, on insufficient grounds. My con-
tention that it belongs to Florida in Uruguay is based on the following
reasons : First, it is utterly and entirely different, both in design and execu-
tion, from any Proclamation piece known to me to have been issued in the
West Indies or their neighborhood. Second, the town of Florida is a place
of some importance, situated about fifty miles nearly due north from Mon-
tevideo, in a region that was for nearly two centuries known as the " Banda
Oriental;" — what more natural than that it should have been styled "Flor-
ida Oriental " by way of distinction ? The further fact, that what is now
known as Uruguay was, at the accession of Charles IV in 1789, a Spanish
colony, adds force to the conjecture. These reasons, while perhaps not con-
clusive, may yet be deemed sufficient to warrant the attribution I have
suggested.
Guanaxuato, Mexico.
1 1 . Obverse. Bust to right, with coat, mantle, scarf and frill ; the hair
long and tied with ribbon. Beneath the bust, in very small letters, gil
Legend: carlos + im + rey + de + espana + y + de + las + yndias + Border plain.
Reverse. Interior of a mine in which five miners are seen at work. Legend :
i8 UNNOTICED VARIETIES OF THE
ACLAMADO * EN * LA » c * DE » GUANAJUATO * POR * SUS » LEALES » MINEROS In
exergue, en » 28 » de * octubre | * de * 1790 » Border and edge plain. Cop-
per, gilt. 48.
The obverse of this piece is precisely the same as that of H. No, 213,
of San Miguel el Grande, and apparently is from the same die. The reverse
is the same in design as H. No. 144, but is quite differently executed, and
the legend is exactly the same in both. The exergue also varies, that of H,
being punctuated as follows, viz. : c en o 28 de » octubre o | c de * o 1790 I
have never met with this combination elsewhere, and think it must be rar^-.
Guatemala, Central America.
12. Obverse. Bust to right, with mantle and Order of the Golden
Fleece, the hair long and curling and tied with a ribbon. Beneath the bust,
p. G. A. Legend : carol, iv. d. g. hisp. et ind. reg. Border dentilated. Re-
verse. Within an ornamental shield are two conical mountains, over which
a horseman with uplifted sword is charging to left ; the border of the shield
is charged with eight scallop shells, and ornamented at the sides by garlands
of flowers. Legend: s. p. q. g. proclamat. 18 nov. a. 1789. Border den-
tilated. Edge plain. Silver. 35.
This somewhat resembles H. No. 145, but varies from that in several
particulars. The head on the obverse of H. is laureated, and there are no
letters under the bust ; the drapery also is quite differently rendered. The
reverse has but six mussel shells on the border of the shield, and there are
other trifling variations.
13. Obverse. Nude bust to right, laureated. Legend : carol, iv. d. g.
hisp. et ind. REG. Beneath the bust, p. g a. Border dentilated. Reverse.
Within a circle of pellets, two conical mountains, over which a horseman with
uplifted sword is charging to left. Legend : • s. p. q. g. . proclamat. 18 nov.
1789. * Border dentilated. Edge corded sssssssssssss Silver. 29.
SPANISH-AMERICAN PROCLAMATION PIECES. 19
This piece is similar to H. No. 146, which has no letters beneath the
bust ; in other respects it is nearly identical.
14. Obverse. Bust to right, with coat, scarf, frill and Order of the
Golden Fleece ; the hair long, curling, and tied with ribbon ; on truncation of
the shoulder, p. g a. Legend : carol • iv • • d • g • hisp • et in • reg • Border
dentilated. Reverse. A horseman with uplifted sword charging to left over
two conical mountains. Legend : • s. p. q. ng. pro clamat. 18 nov. 1789. Bor-
der dentilated. Edge corded sss^ssssssss? Silver. 21.
This is almost identical with H. No. 148, which, however, lacks the
letters on truncation of shoulder ; otherwise it is much the same. I have
followed H. in attributing this piece to Guatemala ; it may, however, belong
to New Granada.
City of Mexico, Mexico.
15. Obverse. Crowned arms of Spain between two crowned pillars,
with the ribbons and motto as usual. Legend : a carlos iv ■ rev de espana •
Y de las yndias * Border dentilated. Reverse. Within a closed laurel wreath
the inscription in five lines, proclama- | do * en * mexi- | co » and v. de . | i 789.
|»2R» Border dentilated. Edge engrailed □ □ □ o Copper. 28.
Similar to H. No. 163, which has the obverse legend punctuated through-
out with small rosettes, while on the reverse there are no hyphens at the end
of first and second lines of the inscription ; in all other respects identical.
Oaxaca, Mexico.
16. Obverse. Arms of Spain, crowned, between two crowned pillars,
with ribbons and motto as usual. Legend : a carlos iv. rey de espana* y de
las yndias o Border dentilated. Reverse. Inscription in five lines with a
laurel wreath, por el | alferez-r- | d.felipe | ordonez- | diaz- Legend : pro-
CLAMADO ■ enla ciudad d OAXACA" A " 1 789* * Border dentilated. Edge a o n o d o
Silver. 28.
20 UNNOTICED VARIETIES OF THE
Much like H. 174, the legend on the obverse of which is punctuated
throughout with small rosettes. In other respects exactly the same as that
on both obverse and reverse, the latter apparently from the same die.
Trinidad de Cuba, W. I.
1 7. Obverse. Armored, laureated bust Jo right. Legend : carolus ■
nil * * DEI GRATIA " 1 789 ' Border dentilated. Reverse. A shield of arms,
quartered, supported by two lions. In the first quarter, a crowned double-
headed imperial eagle ; in the second, a small tree or shrub with a bird
nested upon it to left ; in the third, five crosses, and in the fourth, a " bend "
or diagonal band. Legend : manuel • desotolongo • trinidad Border den-
tilated. Edge engrailed °°°° °°° Silver. 26.
The resemblance to H. No. 226, is strong, the principal difference being
in the punctuation of the legend on the obverse, which in H. has after iin an
ornament of five pellets (*) The reverse is exactly the same except in some
minor points.
Villa-Clara ? Cuba, W. I.
18. Obverse. Laureated bust in armor to right ; the hair long and tied
with ribbon. Beneath the bust * ANt? GaIIo * Legend: carolvsoiv * *
H, ET Iq Ro Po *^ A border of pellets. Reverse. A sort of rude cornucopia,
from which on each side depends a bunch of grapes and a stalk of wheat ;
above, vbertas,, (fertility) ; below, v-c,, 1790° Border, a double line of pel-
lets, alternating (=o°o°o) Edge plain. Silver. 30.
H. classes this piece (No. 236) as uncertain (inciertd), and while re-
sembling the above in a general way, it presents many points of variance ; the
head and bust are quite differently treated ; there is no name under the bust,
and the legend reads carolvs * iv,, * h^ eti^ r^ ?„ * ; the reverse shows an
eight-pointed star above the inscription, and two small stars below it ; there
20 ohv.
PROCLAMATION PIECES-UNNOTICED VARIETIES.
PLATE 5.
SPANISH-AMERICAN PROCLAMATION PIECES. 21
is no cornucopia, but four branches (two on each side) bearing bunches of
grapes are apparently attached to the trunk of a small tree or shrub ; there
is no hyphen between v and c and the border is a single row of small pellets.
Inasmuch as pieces of Villa-Clara were struck in the two following reigns, and
the letters v-c are the initials applicable to that town, I have felt justified in
giving it as the place of issue.
FERDINAND VII. Proclaimed Heir 1790; Succeeded ig March, 1808.
Colonia ? Uruguay, S. A.
19. Obverse. In field, F^ 7o° and above, a monogram V4 The border
corded. Reverse. A curving line over which is a " monstrance," the recep-
tacle of the Host, or wafer, used in the Holy Eucharist, and beneath coLo (the
curve may be intended for the base of the monstrance). Border corded.
Edge plain. Silver, cast. 30.
The piece pictured in H. (No. 93) while the devices on both sides are
nearly the same, yet has differences which are quite observable on compari-
son, though they are difficult to describe satisfactorily. The details of the
letter f on the obverse vary essentially, and there is no period under the
letter a on the reverse. H. classes it as uncertain {inciertd). In this he
follows Rivadeneira, who, however, in a note, after describing the piece
says : — " The person from whom I obtained it gave it to me wrapped up in
a piece of paper which I keep, with the classification of Santiago de Com-
postella, which agrees with all its details."
My reasons for attributing it to Colonia, are first that the name of that
town was originally " Colonia de Santissimo Sacramento." The Host or
monstrance as a device would therefore seem to be most appropriate. Again,
the abbreviation coL? appears to me much more expressive of Colonia than
of Santiago de Compostella. The monogram may possibly mean value
22 UNNOTICED VARIETIES OF THE
(valer) 4 reales, or VII. Colonia is a fortified maritime town of Uruguay,
on the estuary of the Plata, opposite Buenos Ayres.
Guatemala, Central America.
20. Obverse. Laureated and armored bust to right, with mantle and
Order of the Golden Fleece. Legend : . ferdin • hisp • vii • guat • 11 • and the
date • 1808 • at the bottom. Border dentilated. Reverse. A crowned shield
divided horizontally (heraldically, per fess). In the upper division or chief,
a horseman armed with a lance is charging to left upon some retreating
soldiers. In the lower division or base, there are three conical mountains.
The bordure of the shield is a ground-work of fine horizontal lines, and is
charged with eight mussel shells. • In the field at the sides of the shield
• I — R • Legend : * inter * suspiria * fides * [Freely, In the midst of
our sorrow we have faith.] Border dentilated. Edge engrailed □ o □ o □ o
Silver. 2 1 .
This is somewhat like H. No. 16, which has on the obverse pg under the
bust, and on the reverse, the figure and letter at the sides of the shield are
punctuated thus • i • — • r •
Potosi, South America.
21. Obverse. Within a closed laurel wreath, the inscription in five
lines POTOSI « | pro | ferdinando viio | anno | i8o8« below the date is a full
blown rose with two leaves ; the third line of the inscription cuts through the
wreath at each side. Border dentilated. Reverse. A high conical moun-
tain ; on its side are several mine entrances, and a small building near the
base to left. A crowned double-headed eagle is partly shown at the mountain
top, the wings extended as if in flight. At the base of the mountain on either
side are the pillars of Hercules, and in front a rounded hill on which are a
flock of sheep, or probably llamas, running to the left, two men, and another
21 obv.
23 obv.
23 rev.
PROCLAMATION PIECES-UNNOTICED VARIETIES.
PLATE 6.
SPANISH-AMERICAN PROCLAMATION PIECES. 23
small building.. Legend : « optimo • princ • publice » fidelit • jurat • #
Border dentilated. Edge engrailed « « « « Silver. 40.
In H. No. 50 the first line of the inscription is much further from the
wreath than in that just described ; in other respects they are nearly the
same. The reverse is exactly the same, apparently from the same die.
San Nicolas Actopan, Mexico.
22. Obverse. Arms of Spain crowned, surrounded by palm branches.
Legend : fernando vii • rey de espana • v de las indias • • A circle of
small pellets surrounds the legend ; rim slightly dentilated. Reverse. Within
a circle of small pellets the inscription in seven lines, above which is an
eight-pointed radiant star : proclamado en s • | nicolas • actopan | por dI* jose
MAXIMIA" I FERNANDEZ | ADMINISTRADOR D LA | R!' RENTA D CORE? | A? 1808 ' •
[d in the fifth and sixth lines is a cipher of de, for which we have no type] .
Border dentilated. Edge engrailed aoaono Silver. 27.
This piece differs in the reverse from that figured by H. (No. 73), which
lacks the period after the date, and also the rosette beneath it, — the date
being too close to the rim to admit of it. The obverse is exactly identical
with that of Herrera.
Zamora, Mexico.
23. Obverse. Crowned arms of Spain within a beaded circle and sur-
rounded by the chain of the Golden Fleece. Legend : fernando « vii « rey
DE • ESPA NA • Y » DE • LAS » YNDiAS « A beaded circle separates the
legend from the field, and a border of tassels surrounds the whole. Reverse.
Legend : proclamado en la villa de zamora en 26 d nov^ d 1808 • [The ds
in the date are ciphers of de as on the preceding number.] Inscription in
six lines, above which is a large eight-pointed star, por el alf? | R^ don lazaro |
morales por me- I DIG DE SU TEN'^.= | LIC. DON PEDRO | JOSE NAVARRO below all
24 UNNOTICED VARIETIES OF THE
a festoon of six laurel leaves. The whole surrounded by a border of tassels.
Edge engrailed inonono Silver. 40.
H. describes a piece identical in design (No. 91) but varying in punctu-
ation, in legends and inscription as well as in some other details, — the size
being 34. He evidently had no knowledge of this piece.
24. Obverse. Within a beaded circle, the arms of Spain crowned. In
the first and fourth quarters are castles ; in second and third, lions (Castile
and Leon) , and on the centre an oval escutcheon bearing three lilies. The
arms are surrounded by the Order chain of the Golden Fleece. Legend :
FERNANDO . VII . REV DE ESPANA « Y » DE • LAS • YNDIAS » A beaded circle
separates the legend from the field. Border of small tassels. Reverse.
Legend: proclamdo en la villa de zamora en 26 . de nove de 1808 '
Inscription in six lines: for el alf^. | R^DON lazaro | morales por me- | did
DE su TEN™ I Lie ' DON » PEDRO \ JOSE ' NAVARRO Abovc the inscription a star
of ten points, and below it a festoon of seven laurel leaves. A border of
small tassels surrounds all. Edge plain. Silver. 30.
As H. mentions only one example (No. 91, size 34), the same remarks
as to last piece will apply. Both of these pieces are undoubtedly rare.
ALFONSO XII. Succeeded 1874.
Havana, Cuba, W. I.
25. Obverse, Bust facing three-quarters to right. The bust very short,
barely showing the outline of the shoulders, in an undress military coat, the
collar slightly embroidered, and showing only the two upper buttons. In the
field to left, a branch of laurel, and to right a branch of palm. Rim plain,
very narrow and slightly raised above the field. The stems of the laurel and
palm are crossed below the bust, which is in unusually high relief. Reverse.
Blank, with a narrow rim slightly raised. Edge plain. Copper. 33.
SPANISH-AMERICAN PROCLAMATION PIECES.
25
The piece pictured by H. (No. i) although in most respects nearly the
same, still has differences in detail. The uniform is evidently full dress, and
displays much lace and embroidery, and the collar and lapels of the coat,
which is further decorated by an Order band over the right, and an Order
chain (apparently of the Golden Fleece) over the left ; other minor varia-
tions are also noticeable.
HE MEDALS RELATING
TO JOHN LAW ^ AND
THE MISSISSIPPI SYSTEM.
WITH A BRIEF SKETCH OF THE
SYSTEM AND ITS ORIGINATOR.
BENJAMIN BETTS.
Membet American Nunianatic and ^/tirdiaeolog^l Society.
'litiiBitiiiiiiititiiiiitititiiffiiiiiiii^
A DESCRIPTIVE LIST
OF THE
MEDALS RELATING TO JOHN LAW
AND THE MISSISSIPPI SYSTEM
ATTEMPT AT THE TRANSLATION OF THEIR LEGENDS AND INSCRIPTIONS (WITH NOTES),
AND A BRIEF SKETCH OF THE SYSTEM AND ITS ORIGINATOR.
By benjamin BEITS
MEMBER OF THE AMERICAN NUMISMATIC AND ARCHAEOLOGICAL SOCIETY
PRIVATELY PRINTED
MCMVII
^
^ f rv^^
hXR.VWRVIN
REPRINTED FROM
' THE AMERICAN JOURNAL OF NUMISMATICS.'
RESPECTFULLY INSCRIBED TO
DANIEL PARRISH, Jr.,
WHOSE MANY KIND OFFICES UNGRUDGINGLY PROFFERED AND
THANKFULLY ACCEPTED
ARE
GRATEFULLY ACKNOWLEDGED.
INTRODUCTORY NOTE
"'Tis pleasant sure to see one's name in print,
A book's a book e'en tho' there's nothing in't,
But if perchance a grain of sense is found,
Let nothing hinder, pass it quickly round."
wm
I ^
1
REMEMBER somewhere to have come across the saying that " A good book does
not need a long preface, and a bad one does not deserve it." Therefore, kind
reader, if in thy judgment this book is a bad one, " I pray thee scorn me not,
nor wither me with thy contempt ; but pity me rather, for is not folly my theme
and foolishness my discourse ? "
Should any apology be necessary for what appears in the following pages, it may
perhaps be sufficient to state that the work was undertaken primarily as a source of amusement,
and to gratify a curiosity as to the nature and extent of the medallic memorials of the great
scheme organized by John Law for the exploration and development of the immense regions
traversed by the Mississippi river and its tributaries. My attention was first attracted to the
subject by the acquisition of one of these medals (No. II of the present series) which was exhib-
ited by me at a meeting of the American Numismatic and Archaeological Society, held at Mott
Memorial Hall, New York, on the evening of June 21, 1879, a description of which may be found
in the report of the Transactions of that meeting in the American Journal of Numismatics, Vol.
XIII, p. 96. From this time forward I lost no opportunity to add to my collection all such ex-
amples as were attainable, until, about the beginning of the year 1885, I found myself in pos-
4 INTRODUCTORY NOTE
session of twelve medals more or less germane to the subject ; and at the request of the Room
Committee of the Society, I began the preparation of a paper descriptive of these pieces and a
few others known to me but not in my possession.
This paper, entitled " The Medals of John Law and the Mississippi System," was read
before the Society on the i ith of June, 1885. In this paper a brief outline of the scheme and
its originator was attempted, and twenty-eight medals of this interesting series were described
and illustrated. Of these, twelve were from my own collection ; four were from the cabinet of
Daniel Parish, Jr. ; ten were described from a work entitled " John Law und sein System" by
S. Alexi, published at Berlin in 1885 (a copy of which had just reached me), and two were
from engravings in that curious old Dutch work entitled " Tafereel der Dwaashied" [the great
book (or picture) of folly].'
By the help of several friends, I had obtained translations of the legends and inscrip-
tions. At the close of the meeting, I was requested to allow the paper to be printed with the
Transactions of the Society ; but feeling that the article was too crude and too hastily written
for such a purpose, and desiring also to make further investigation, I felt compelled to decline
the offer. In the meantime, at the earnest solicitation of Mr. C. W. Betts, who had in pre-
paration his work on " American Colonial History Illustrated by Contemporary Medals," I sold
him all my Law medals (twelve in number), all of my American Aloe medals (eight in num-
ber), 07ie hundred and twenty varieties of the Vernon medals, and many other choice pieces, the
result of many years' gathering. The early death of Mr. Betts put a stop to his labors, and
his work, though nearly finished, was left incomplete. Most fortunately, however, its publica-
tion was undertaken by the editors of the American Journal of Numismatics, whose copious and
valuable notes have given an added interest to almost every page.
A brief outline of the System and its originator, John Law, will precede the descriptive
matter pertaining to the medals.
I These were evidently designs for medals, and prob- tion of the subject, I may perhaps be pardoned for
ably none were ever struck ; but as a further illustra- introducing them.
• —
V VVVVTV
r y Ty yy T^ y yvvvTTTTT^\T'»T y T» i w w wt t w w wt
MEDALS RELATING TO JOHN LAW
LAW AND THE MISSISSIPPI SYSTEM
HE magnificent financial scheme originated by John Law,
and having for its ultimate object the extinguishment of the
national debt of France, (and which came to be known as
the Mississippi System ;) was perhaps one of the most
striking examples of national delusions furnished by modern
history. Its author, John Law of Lauriston, Comptroller
General of the finances of France, one of the most remarkable characters of
modern times, was born in Edinburgh, Scotland, in April, 1671'; his father,
William Law, was a goldsmith of that city, and his mother, Jean Campbell,
a descendant of a branch of the famous ducal house of Argyle. He was
liberally educated, and having a taste for mathematics, he soon became a
master of the higher branches of the science ; acquiring also, a general knowl-
edge of the principles of public and private credit, and of political economy.
Handsome in person and thoroughly accomplished, he came to be dis-
tinguished among his companions as " Beau Law." At twenty years of age
I As to what particular day of the month this interest- in the text, which seems most probable. The English
ing event occurred accounts differ; it may have been Cyclopedia has April 21, 1681.
the _first Chambers' Encyclopedia gives the year as
6 MEDALS RE LA TING TO JOHN LA W
he left his home, and went to London, where he indulged himself in all man-
ner of gambling and dissipation, and soon became so deeply involved in debt
that he was obliged to dispose of the fee of Lauriston, which was vested in
him by charter under the great seal in 1683. Fortunately for him his mother,
who watched over him with tender care, came to his aid, paid his debts,
and by her prudent management preserved the estate of Lauriston to the
family.
His gallantries finally entangled him in a duel, in which his adversary,
Mr. Edward Wilson, was killed,' and for which he was apprehended, brought
to trial and condemned to death, April 20, 1694. He was pardoned by the
crown on the ground that the offence only amounted to manslaughter ; but on
appeal being taken by a brother of his victim, he was detained in the King's
Bench Prison, and while the appeal was pending, he found means to make
his escape. After traveling extensively on the continent, while in exile,
Law went to France and finally to Holland, where in order to gain a more
complete knowledge of the methods of banking institutions, he secured a
position as clerk in the Bank of Amsterdam, thus acquiring much valuable
information concerning commerce and finance.
Having returned to Scotland in the year 1700, he proposed a plan for
the advancement of trade and manufactures in the kingdom, but met with no
encouragement ; and a scheme for the issue of a large amount of paper
money on landed security having been submitted to Parliament, was rejected
by that body on the ground "that to establish any kind of paper credit and
oblige it to pass, was an improper expedient for the nation." "" Disgusted
with the failure of his plans at home, he again betook himself to the conti-
nent, where he became so successful iij his gambling ventures, particu-
I According to Wood, the quarrel was on account of a lady of the name of Villlers, [Miss Elizabeth Villiers,
a Mrs. Lawrence ; they fought wth swords, and Mr. afterwards Countess of Orkney,] and that Law had the
Wilson was killed by a wound in the upper part of misfortune to shoot his antagonist dead upon the spot,
the stomach. Mackay says the trouble was concerning 2 Wood.
AND THE MISSISSIPPI SYSTEM 7
larly at Rome, Venice, and Genoa, that in 17 14 he had amassed a fortune
of ;^ 1 10,000 sterling.
Law now again returned to Paris (where on his first visit his handsome
person and insinuating manners had gained him access to the best society),
and having formulated a plan for improving the condition of the finances of
the kingdom, it was communicated to Desmarets, then in the office of Comp-
troller General. When it was laid before Louis XIV, that bigoted monarch
wished to know whether Law was a Catholic, and on being answered in the
negative, refused to inquire into the merits of the case, declaring that he
would have nothing to do with a heretic.
Law's gambling proficiency enabled him to win large sums from the
courtiers, which he spent in luxurious living ; as he was a foreigner this gave
great offence to some Parisians, who denounced him as an enemy to the
State ; and M. d'Argenson, Lieutenant General of Police, accordingly ordered
him to leave Paris within twenty-four hours. He now repaired to Italy, and
eventually succeeded in having himself presented to Victor Amadeus, King
of Sardinia, to whom he submitted a scheme, similar to that afterwards pro-
posed to the Due d'Orleans. The king having declined the offer on the
ground that his dominions were not of sufficient extent for so great a
design, recommended France as a country most likely to accept of his
schemes.
Law lost no time in acting upon this advice, and for the third time
repaired to Paris, where he arrived just before the death of Louis XIV, and
soon renewed his acquaintance with the Due d'Orleans (who assumed the
government of the kingdom as Regent during the minority of Louis XV) and
quickly attained a great degree of favor and intimacy with his Royal High-
ness, who admitted him to all his private parties, and appointed him one of
the Comptrollers of the State.
8 MEDALS RE LA TING TO JOHN LA W
The almost continuous state of warfare in which France was involved
during the reign of Louis XIV had exhausted its resources and created an
enormous debt, the interest of which could be paid only by the imposition of
an intolerable load of taxes ; trade, commerce and manufactures, were almost
annihilated ; many were reduced to beggary, and for want of employment
were compelled to leave the kingdom. At this juncture Mr. Law, desiring to
provide a remedy for these evils, proposed^ the establishment of a well-regu-
lated paper credit ; as this was little understood in France, he undertook to
explain its principles in a series of letters addressed to the Due d'Orleans, in
which he strongly inculcates the maxim that the power and prosperity of a
State increases in proportion to the quantity of money circulating therein,
and asserts that " even the richest nations have not sufficient specie to afford
full employment to all their inhabitants, and carry their trade to the heights
which it is capable of reaching," quoting in support of this proposition the
great benefits accruing to England and Holland from the banks of London
and Amsterdam ; and arguing that to set up a similar establishment on an
improved plan at Paris, would be productive of like good effects to France.
After some consideration by the Council of Finance, this proposal was
finally rejected, and Law then requested permission to set up a private bank
of his own, the funds to be entirely furnished by himself and others who
chose to engage in the undertaking : this was granted and the bank estab-
lished by letters patent of the 2nd and 20th of May, 17 16. "The stock to
consist of 1200 ' actions ' or shares of 1000 crowns, or 5000 livres each." ' The
notes were to be signed by the directors and one of the proprietors, and to be
revised by an inspector appointed by the Regent. They were couched in the
following terms : " The Bank promises to pay to the bearer at sight, the sum
of crowns in coin of the weight and standard of this day \i. e. of the
date of each note], value received."
I Wood.
AND THE MISSISSIPPI SYSTEM 9
This was to prevent the possibility of any variation in the standard of the
coin, and at once estabHshed public confidence in the notes, the more so as
they were receivable without discount in all parts of the kingdom in payment
of taxes ; they were consequently preferred to coin by many, and actually rose
to a premium of one per cent, above specie. The credit of the bank be-
came so high that in December, 17 17, a dividend of 7^ per cent, for six
months was declared.
By the skillful management of Law and .his associates, the bank won such
esteem, both at home and abroad, that before the close of the year 1718 the
rate of foreign exchange rose to four and five per cent in favor of Paris,
and its beneficent effects became so apparent, that the Regent determined
to take it over into his Majesty's hands as originally proposed.
Law and his associates were of course obliged to yield, but not wishing
to relinquish the advantages they had gained, requested permission to con-
tinue the General Bank, at the same time that the Royal Bank should be
established. This request was refused, and the public were notified by Act
of Council of December 4, 1718, that the King had taken Law's bank into
his own hands under the name of the Royal Bank. The former proprietors
were reimbursed for their shares, and his Majesty became responsible for
the outstanding notes amounting to 59,000,000 livres. Law was appointed
Director General, and branches were organized at Lyons, Rochelle, Orleans,
Tours and Amiens.
The tenor of the notes was changed, and was made to read, "The Bank
promises to pay the bearer at sight livres in silver coin, value received."
This, it will be seen, was a wide departure from the original form, and opened
the door to any amount of depreciation. Law did everything possible to
prevent this alteration, but without effect, and the value of the notes became
liable at any time to be reduced at the will of the monarch. Meantime, after
10 MEDALS RE LA TING TO JOHN LA W
the establishment of the General Bank, Law brought forward his plan for
the famous project which for a while " turned the heads of the French, and
attracted the attention of all Europe."
The scheme was no less than the vesting of the whole privileges, effects, and possessions
of all the foreign trading companies, the great farms, the Mint, the general receipt of the King's-
revenues, and the management and property of the Bank, in one great company, .... which
would thus become possessed of a power to carry the foreign trade and the culture of the
colonies to a height altogether impossible by any other means.
The outlines of this plan being laid before the Regent, met it would seem with the
approbation of that Prince, as measures were taken for the establishment of the proposed
company, and directions issued for making the requisite grants to enable them to commence
their operations Accordingly, by letters patent dated in August, 17 17, a commercial com-
pany was erected, under the name of the " Company of the West," to whom was granted
the whole Province of Louisiana, a country watered throughout its vast extent by the great
river Mississippi ; from which circumstance its subsequent operations came, by way of dis-
tinction, to be included under the general name of the Mississippi System.'
The capital was divided into two hundred thousand shares of five hundred livres each ;
the whole of which might be paid in billets d'etat, at their nominal value, although worth no
more than a hundred and sixty livres in the market.''
The Company thus became creditors to the King in the sum of one hundred millions of
livres, the annual rent of which was fixed at the rate of four per cent.'
In September, 17 18, the farm of tobacco was made over to the Company
of the West, on their agreement to pay 2,000,000 livres additional rent to
the King. In December they acquired the charter and effects of the Sen-
egal Company, and in May, 17 19, an edict was published, granting them the
exclusive privilege of trading to the East Indies, China and the South Seas,
and transferring to them all the possessions and effects of the China and
India Companies, which were now dissolved.
I Wood. 2 Mackay. 3 Wood.
AND THE MISSISSIPPI SYSTEM ii
The title of the Company was now changed to the " Company of the
Indies," and 50,000 new shares were created at 550 livres each, payable in
coin, and the price of shares soon rose to 1,000 livres. In July the Mint
was made over to the Company ; in the following August the great farms were
taken out of the hands of the Farmers General, and the lease was made
over to the Company of the Indies, on their agreement to pay 3,500,000
livres additional rent for them, and on the 31st of the same month the Com-
pany obtained the general receipt of other branches of the King's revenue.
The whole foreign trade and possessions of the kingdom thus became
centered in the Company, and the collection and management of all the royal
revenues being placed in their hands, they promised an annual dividend of
200 livres per share, in consequence of which the price soon rose to 5,000
livres.
The entire revenues of the kingdom being thus transferred to the man-
agement of the Company of the Indies, the shares of this Company were the
only ones remaining for the manipulations of the speculators, through whose
operations they rose with unexampled rapidity, until in November, 17 19, they
had reached high-water mark, selling, according to some authorities, for
10,000 livres each, — twenty times their original value.
Up to this time the System had apparently been productive of nothing
but good ; the public credit seemed to be firmly established ; money, being
plentiful, circulated in great abundance, in consequence of which people of
every rank and condition were encouraged to indulge themselves in extrava-
gant and luxurious living to so great an extent that the prices of commodities
rose enormously, and " such was the prodigality of some of the stock-jobbers
that an instance occurred where one of them gave 200 livres for a single
wood-hen for his dinner, and green peas at 100 pistoles the pint have been
served up at some tables."' To supply the demand created by this abnormal
I Wood.
12 MEDALS RELA TING TO JOHN LA W
condition, Paris soon became crowded with objects of art ; statues, pictures
and jewelry were imported from abroad, entirely regardless of cost, in order
to satisfy the desires of the eager purchasers.
Strangers of every nation flocked in great numbers to Paris to speculate in the stocks,
insomuch that it was computed there were no less than 305,000 foreigners in that capital in
November, 1719.
When this apparently flourishing posture of affairs was contrasted with the lamentable
situation in which France was plunged at the death of Louis XIV, il is no wonder that Mr.
Law was considered as the author of all that prosperity, — should be reckoned, as it were, the
saviour of the kingdom. He was perfectly idolized by the people, who looked on him as no
way inferior to the King and the Regent, the mob being accustomed to cry out, whenever he
appeared in public, " Long live Mr. Law! " '
Thus the System continued to flourish till the commencement of the year 1720. The
warnings of the Parliament, that too great a creation of paper money would, sooner or later,
bring the country to bankruptcy, were disregarded. The, Regent, who knew nothing whatever
of the philosophy of finance, thought that a System which had produced such good effects
could never be carried to excess. If five hundred millions of paper had been of such advan-
tage, five hundred millions additional would be of still greater advantage. This was the grand
error of the Regent, and which Law did not attempt to dispel.^
So unnatural a state of things could not last long. Before Law had made his System
complete, before he had given the Company the last privileges which he had designed for it,
and had united it with the Bank, the shares were to suffer a frightful decline. At the price
which they had attained, the six hundred thousand shares represented a capital of ten or twelve
billions. The only means of sustaining this absurd fiction would have been to pay a propor-
tionate interest to .the shareholders, and four or five millions of income would have been
required to insure four per cent, only .3
The Royal Bank was incorporated with the Company, February 23, 1720,
after which date no more notes were to be issued unless as ordered by the
Council. By this transaction the organization of the scheme was at last
1 Wood. 2 Mackay. 3 Thiers.
Wtkk
^
N^ A-iTt^O $ J' ^^^ iivres Tour wis.
LDh'ijicfi
A BAN<Jirs pt&rtRrt payer au Portcnr a vue Dix iivrcs Tourjiois
en ESoccts d' Argent, vaieux rescue. A PajJs k premier Juiilet mii
■ - • . ..^^ " to^>-
fept cena vingt, ^^.feA^ V^"\
Cm7Z/^^^?/. ■ ' ' -'^ I Deknauie.
^, ' pinWoHep."-ie S.f Darev«ft.
Gmmh
\
FACSIMILE OF NOTE OF THE BANQUE ROYALE.
(E«ct size of the original) as issued .n Juiy, 1720
AND THE MISSISSIPPI SYSTEM ij
perfected, and had the shares of the Company now been sold, and the notes
received in payment therefor been destroyed, only the notes which had been
issued for value would have remained in circulation, with their credit fully
established. Whether this course of procedure would have been adopted
remains uncertain ; for the public credit of France, which was now at the
highest, was about to give way, involving vast numbers as well as its author
in ruin final and complete. The causes leading to this disaster were many,
and should have been foreseen.
The Farmers General, angered by the losses sustained by the taking
over the great farms by the Company, and the Parliament of Paris, strongly
inimical to Law and the System, were now combined in bitter opposition.
The efforts of these powerful antagonists were aided also by great numbers
of the better- informed stockholders, who, realizing the fact that prices could
not continue to rise indefinitely, quietly exchanged their notes for specie,
which they immediately sent out of the country. To accomplish this (the
export of specie being forbidden), it was necessary to observe great secresy.
As an instance of this practice is stated that one
Vennelet, a jobber, who sniffed the coming storm, procured gold and silver coin to the
amount of nearly a million livres, which he packed in a farmer's cart and covered over with
hay and stubble. He then disguised himself in the dirty smock-frock or blouse of a peasant,
and drove his precious load in safety into Belgium.'
This example was followed, and every one wished to realize. From this moment, the fic-
titious being contrasted with the real, the illusion ceased, and the decline of the shares soon
became rapid.^
Up to this time it had not been difficult for the people to obtain specie
for their wants, but now the demand became so great that the Bank was
I Mackay. 2 Thiers.
i6 MEDALS RELA TING TO JOHN LA W
being rapidly depleted of its coin, and its payments were restricted by an
edict of the Council to one hundred livres in gold and ten in silver. In spite
of these precautions, the precious metals continued to be conveyed out of
the country to such an extent that the little coin remaining was hoarded or
hidden, until
The scarcity became so great that the operations of trade could no longer be carried on
In this emergency. Law hazarded the bold experiment of forbidding the use of specie alto-
gether By this famous edict, it was forbidden to any person whatsoever to have more than
five hundred livres (;£'2o) of coin in his possession, under pain of a heavy fine and confiscation
of the sums found.'
The effects of this tyrannical edict were most deplorable ; the privacy of
families was violated by the intrusion of informers and their agents.
The most virtuous and honest were denounced for the crime of having been seen with a
louis d'or in their possession. Servants betrayed their masters ; one citizen became a spy upon
his neighbor, and arrests and confiscations so multiplied that the courts found difficulty in
getting through the immense increase of business thus occasioned Lord Stair, the English
Ambassador, said that it was now impossible to doubt the sincerity of Law's conversion to the
Catholic religion : ^ he had established the inquisition, after having given abundant evidence of
his faith in transubstantiation by turning so much gold into paper.'
The downfall of the entire System was now assured ; edict after edict
followed in quick succession, in the vain endeavor to bolster up the price
of the shares, which at once declined with fearful rapidity. The situation
at this time was such that it might not inaptly be compared to the fall of
an avalanche ; starting slowly at first from the mountain top, it leaps from
1 Mackay. than any other professional gambler, readily agreed,
2 Law's religion being an obstacle to his advance- and was confirmed by the Abbe du Tencin in the cath-
ment, the Regent promised to make him Comptroller edral of Melun in December, 17 19.
of the Finances, if he would publicly conform to the 3 Mackay.
Catholic faith. Law, who had no more real religion
AND THE MISSISSIPPI SYSTEM 17
crag to crag with an ever increasing momentum, until at last it lies at the
bottom of the gorge, its fragments crushing and burying all those who were
so unfortunate as to stand in its way. Once started, no power on earth can
hinder, and ruin and desolation are the only traces left of its descent. So
with this gigantic System : from its birth its progress had been ever onward
and upward, until at last it had attained its zenith ; the mountain top had
been reached ; no further advance was possible, and the attempt to press for-
ward could only lead to swift and inevitable destruction.
Law, being a foreigner, was heartily detested by the ministry and the old
court retainers, and therefore could not hope to escape the envy generally
attendant on persons elevated to high offices of state. The wicked and profli-
gate Cardinal du Bois (formerly the Regent's tutor), observing Law's influence
over the mind of his royal pupil, was determined to have him exiled from
court, and to accomplish this hesitated at no measures calculated to injure
Law in the opinion of the Regent ; in this he was joined by several of his
colleagues ; and many of the great men of the court, having become rich
beyond their greatest hopes, and having nothing further to expect from Law,
abated their zeal and assumed a cool indifference to the interests of the
Prime Minister. The united efforts of such powerful antagonists could not
fail to make a deep impression on the mind of the Regent, as shown by the
following passages in a letter of Lord Stair, dated March 12, 1720 :
You may depend upon it that Law is mightily shaken in his master's good opinion, who,
within these few days past, has used him most cruelly to his face, and calling him all the
names that can be thought of, knave and madman, etc., he told him he did not know what
hindered him to send him to the Bastile, and that there was never one sent thither deserved it
half so well. This scene happened in the presence of Le Blanc (the Secretary-at-War). The
Duke of Orleans was upon the closet-stool when Law came in. The Duke was in such a
passion that he ran to Law with his breeches about his heels, and made him the compliment
above mentioned.'
I Wood.
1 8 MEDALS RELATING TO JOHN LAW '
On the first of May, 1720, above 2,600 millions of livres of bank-notes
had been fabricated, while the specie in the kingdom was estimated at 1,300
millions, at the rate of 65 livres to the marc. It was now represented to the
Regent that it was absolutely necessary to form an equal proportion between
the notes and the coin, either by raising the denomination of the latter to 130
livres the marc, by which the 1,300 millions of specie would have been aug-
mented to 2,600 millions of specie, or by» reducing the value of the notes
one-half, — that is, to 1,300 millions.
This point being thoroughly debated in Council, it was at last decided by
the majority (who bore no good-will to Law) in favor of the proposition for
lowering the value of the paper, and on May 21, 1720, an edict was pub-
lished to that effect. There can scarcely be a doubt that this fatal step was
taken in opposition to the advice of the Comptroller General, who, being
intimately conversant with the principles of public credit, could not approve
a proceeding so diametrically opposed to them.
The consequences of this infraction of the royal engagement, which solemnly promised
that whatever alterations should take place in the coin the bank-notes should always remain
invariable and be paid in full, were such as might have been expected. From that moment
the whole paper fabric fell to the ground ; the notes lost all credit, none would meddle with
them ; and the avenues of the Bank being blocked up by soldiers, there was no possibility of
getting near the tellers, so that the day following, May 22, any one might have starved with 100
millions of paper money in his pocket.'
The value of shares in the Mississippi stock had fallen so rapidly that
very few persons could be found who believed the stories told concerning the
great wealth of that region. In order, therefore, to restore in some measure
the public confidence, a general conscription of the poor wretches of Paris
was ordered by the government, and about six thousand of the very refuse of
I Wood.
AND THE MISSISSIPPI SYSTEM 19
the population were impressed, provided with clothes and tools, paraded day
after day through the streets with their picks and shovels, and then sent off
in small detachments to the outports to be shipped for America, to work in
the gold mines represented to be found there. Not more than one-third of
them ever reached their destination ; the remainder dispersed themselves over
the country, sold their tools for what they could get, and in a few weeks at
least one-half of them were to be found in their old haunts in Paris.
The manoeuvre, however, caused a trifling advance in Mississippi stock. Many persons
of superabundant gullibility believed that operations had begun in earnest in the new Gol-
conda, and that gold and silver ingots would again be found in France.'
Ruinous as the immediate consequences of the downfall of the System were to several
individuals, it may, notwithstanding, be said that this project was, upon the whole, rather bene-
ficial than hurtful to France, as the kingdom presently turned more industrial and commercial,
the people in general having become better informed with respect to the principles of trade
and manufactures It is true that many of the old national creditors were completely
ruined by the Mississippi, or at least suffered cruelly in their circumstances ; and that several
persons had the fate of being raised at once from the depths of poverty to the possession
of almost boundless wealth, — an elevation that could not fail to superinduce extreme luxury
and profligacy, at the same time that numbers were thereby led to neglect their business, and to
entertain vain imaginations of making fortunes in stocks.
On the other hand, however, it may be mentioned that several representatives of the
most ancient and illustrious families in the kingdom were, by means of the profits they made
during the continuance of the System, restored to their pristine glory and splendor.^
On May 27 the Bank stopped payment in specie, and Law and D'Argen-
son were both dismissed from the ministry.
The weak, vacillating and cowardly Regent threw the blame of all the mischief upon
Law, who, upon presenting himself at the Palais Royal, was refused admittance. At night-
fall, however, he was sent for, and admitted to the palace by a secret door, when the Regent
endeavored to console him, and made all manner of excuses for the severity with which in
I Mackay. ' 2 Wood.
20 MEDALS RE LA TING TO JOHN LA W
public he had been compelled to treat him. So capricious was his conduct that, two days
afterwards, he took him publicly to the opera, where he sat in the royal box alongside of the
Regent, who treated him with marked consideration in the face of all the people. But such
was the hatred against Law, that the experiment had well nigh proved fatal to him. The mob
assailed his carriage with stones just as he was entering his own door; and if the coachman
had not made a sudden jerk into the courtyard, and the domestics closed the gate immediately,
he would in all probability have been dragged out and torn to pieces. On the following day
his wife and daughter were also assailed by the mob. as they were returning in their carriage
from the races. When the Regent was informed of these occurrences, he sent Law a strong
detachment of Swiss guards, who were stationed night and day in the court of his residence.
The public indignation at last increased so much that Law, finding his own house, even with
this guard, insecure, took refuge in the Palais Royal, in the apartments of the Regent.'
On October lo, 1720, an edict was issued which might be regarded as
the death-knell of the System ; the bank-bills still outstanding were looked
upon as detrimental to commerce, the evil effects of which could only be
removed by a return to specie payments. After November i they could no
longer be used as currency, and payments must again be made in gold and
silver.
After this measure, the stock of the Company reached its lowest figure. In November
shares sold for 2,000, payable in paper that was then worth but ten cents on the dollar. In
January, 1720, a gold louis purchased a share of stock -which had sold a year before for 20,000
livres. The results of such a depreciation are described by one of the sufiferers : — "Last
January," writes Barbier, "I had 60,000 livres in paper. Its value was imaginary, to be sure,
but I had only to realize on it and turn it into money. Now it is worthless, and though I have
neither speculated nor lost, to-day I have not enough money to give New Year's gifts to my
servants."
Thus perished the System, and its promoter, John Law, shorn of all his high honors, was
soon to become an exile from France, execrated and outlawed by the populace, who regarded
him as the author of all their miseries. A contemporary writer thus sums up the history of the
System : — "It has enriched a thousand beggars, and beggared a hundred thousand honest
men."'
I Mackay.
AND THE MISSISSIPPI SYSTEM. ^ 21
The public feeling against Law at length became so violent that he did
not dare to quit the Palais Royal. Well knowing that his life was endan-
gered, he determined to leave the kingdom and demanded passports of the
Regent, who immediately granted his request, and he at once set out for
Brussels, "taking with him only eight hundred livres ; scarcely was he gone
when his property, consisting of land and shares, was sequestered."' On
December 24, accompanied by his son, he left Brussels for Venice, where he
arrived early in January, 1721.
The Regent died suddenly, December 2, 1723. Up to this time Law
had some expectation of receiving back, eventually, at least some portion of
his property, but the death of the Regent put an end to all such expecta-
tions ; his pension was no longer remitted ; prosecutions were commenced
against him both in France and England, and he was threatened with im-
prisonment by some of his creditors, from which disgrace, however, he was
relieved by two noble lords becoming his sureties.
Late in 1721, Law having been pardoned by the Crown, again went back
to England ; he was received with much consideration, and continued to re-
side there until 1725, in which year he again took up his residence at Venice,
" where," says Wood, " he concluded the chequered course of his life, dying
there, in a state but little removed from indigence, on the 21st of March, 1729,
in the fifty-eighth year of his age ; and he lies buried in one of the churches
of that city, where a monument to his memory is still to be seen. The fol-
lowing epitaph appeared soon afterwards : —
"Ci-glt cet Ecossois c616bre,
Ce calculateur sans 6gal,
Qui, par les regies de I'algfebre,
A mis la France a I'hdpital." ^
I " France under the Regency." — Perkins. z Thiers. 3 Wood.
22 MEDALS RE LA TING TO JOHN LA W
This has been rendered thus : ■ —
"A famous Scotchman slumbers here,
In figuring without a peer ;
Whose schemes, though algebraical,
Have sent France to the hospital."
And now a word as to the foregoing. What is there written seemed
necessary as a prelude to the descriptive mitter pertaining to the medals, as
almost every one of them has reference to some phase of the kaleidoscopic
features presented by the operations of this most erratic scheme. If in some
small measure I have succeeded in arousing the interest of my readers, I shall
have accomplished my object, and shall feel that my time has not been alto-
gether ill-spent. If, on the other hand, I have failed in my intent, I can only
lay claim to such indulgence as may be accorded, and promise to offend no
more.
The following are the principal sources of information : —
Wood. — Memoirs of the Life of John Law of Lauriston, including a Detailed Account of the Rise,
Progress and Termination of the Mississippi System. By John Philip Wood, Esq. Edinburgh,
1824.
Mackay. — History of the Mississippi Scheme. By Charles Mackay, LL. D. Published in the Bank-
ers' Magazine and Statistical Register; edited by J. Smith Homans. New York, January, 1854.
Thiers. — The Mississippi Bubble ; A Memoir of John Law. By Adolph Thiers. Translated and
edited by Frank S. Fiske. New York, 1864.
Alexi. — John Law und Sein System. By S. Alexi. Berlin, 1885.
Perkins. — France under the Regency, with a Review of the Administration of Louis XIV. By James
Buck Perkins. Boston and New York, 1892.
WiNSOR. — Narrative and Critical History of America. By Justin Winsor. Boston, 1899.
AND THE MISSISSIPPI SYSTEM 23
THE MEDALS
I.
Obv. Armored bust of the young King in profile to right ;' the hair
long, curHng, and abundant. On truncation, j. leblanc. f. (the name of the
engraver.) Legend, ludovicus xv • d ■ g • fr ■ et nav • rex (Louis XV, by the
grace of God, King of France and Navarre.)
Rev. Interior of the cave of Cacus, on Mt. Aventine. Cacus,^ a noted
Itahan robber, having stolen the cattle of Hercules, had concealed them in
his cave ; the owner, however, having discovered their hiding-place, has sud-
denly surprised the thief; clad in his lion-skin, and with club in hand, he has
entered the cavern, seized, and is about to slay the robber. The heads of
some of the stolen animals are seen in the interior among the rocks. Legend,
on a ribbon above the cave, vindex avarae fraudis. (The avenger of avari-
cious fraud.) In exergue, chambre de justice' | 1716. (Chamber of Justice,
1 7 16.) In field at right, and just above the heel of Hercules, dv (initials
of engraver, Du Vivier. Alexi, XVIII." Silver ; size 41.
Although without any reference whatever to the Mississippi Scheme, this medal
appears nevertheless entitled to the leading place in this series, from the circumstance
of its close connection with the terrible state of affairs, long existent and immediately
precedent to the advent of Law and his System.
1 In the use of the terms right and left, the observer's Chamber), so named from the punishment frequently
right and left are to be understood, except where refer- awarded by it. Louis XIV appointed one to inves-
ence is made to the right or left of a figure on the tigate the poisoning cases which arose after the execu-
piece, in which case the meaning is obvious. The tion of the Marchioness Brinvilliers," — Hayden's Die-
sizes given are millimetres, and the edges of all are tionary of Dates.
plain unless otherwise described. 4 See also Medailles du Regne de Louis XV, par
2 Cacus was the son of Vulcan. The story of the G. R. Fleurimont, n. d. There are fifty-four medals
theft and punishment, illustrated on this medal, is told described, from 1715 to 1736. This is No. VII of that
at length by Virgil, in the iEneid, vii : 193, et seq. series.
3 Chambre de Justice, or " Chambre Ardente (Fiery
24 MEDALS RELATING TO JOHN LA W
Louis XIV, "the magnificent," was dead ;' the ruinous and expensive wars waged
during the greater part of his reign had been brought to a close ; the coffers of the
treasury were empty ; the income from all sources was entirely insufficient to meet the
current expenses of the kingdom ; the funded debt was over 2,500,000,000 livres,^ and
in addition to this a floating debt of 700,000,000 livres was totally unprovided for.
The finances of the kingdom were in a most deplorable condition ; and it had
even been proposed that the nation should be declared in a state of bankruptcy. The
public service was in a most shameful and chaotic state, and the officials charged with
the collection and management of the revenues had become so corrupt that they did
not hesitate to take advantage of their position to add to their already enormous per-
quisites by a systematic and grinding oppression of the people, who being without
redress were obliged to submit to their exactions.'
These abuses became at length so outrageous and universal that, in order to put
a stop to them, the Chamber of Justice was instituted for the trial and punishment of
the offenders.
It was composed of the President and Councillors of the Parliament, the Judges of
the Courts of Aid and Requests, and the officers of the Chamber of Accounts, under the gen-
eral presidency of the Minister of Finance, and .... was endowed with very extreme powers.
.... Informers were encouraged to give evidence against the offenders by the promise of one-
fifth part of the fines and confiscations, .... and a tenth of all concealed effects belonging to
the guilty was promised to such as should furnish the means of discovering them .... The
promulgation of the edict constituting this Court caused a degree of consternation which can
only be accounted for on the supposition that their peculations had been enormous.*
The action of the Court was prompt, and its punishments severe ; and as a con-
sequence, the prisons were soon filled with the dishonest and unscrupulous officials. A
1 Louis XIV died Sept. i, 1715 ; his great-grandson ter of 1715-16 in Paris great numbers died from cold
(afterwards Louis XV) being at that time about five and famine. Cochut." — John Law and the Missis-
years of age. sippi Bubble : Thiers.
2 Some authorities state it at over 3,000,000,000 4 History of the Mississippi Scheme, by Charles
livres, and the floating debt at 800,000,000 livres. Mackay, LL. D.
3 " The public distress was such that during the win-
AND THE MISSISSIPPI SYSTEM 25
few months of this rigorous treatment sufficed for the trial and punishment of those
who were most guilty.
Some were condemned to the pillory, others to the galleys, and those least guilty to fines
and imprisonment ; one only, Samuel Barnard, a rich banker and farmer-general of a province
remote from the capital, was sentenced to death."
The most prominent offenders having been disposed of, the common informers,
owing to the great inducements held out to them, immediately began to bring charges
against people of good character, thus compelling them to make a statement of their
affairs before the tribunal, in order to prove their innocence. Complaints were heard
on all sides ; the Chamber of Justice had in its turn become an instrument of oppres-
sion, and at the end of a year further proceedings were discontinued, the Chamber sup-
pressed, and a general amnesty granted to those against whom no charges had been
preferred.
In the midst of this financial confusion, Law appeared on the scene. No man felt more
deeply than the Regent the deplorable state of the country, but no man could be more averse
from putting his shoulder manfully to the wheel. He disliked business ; he signed official docu-
ments without proper examination, and trusted to others what he should have undertaken
himself. The cares inseparable from his high ofiSce were burdensome to him. He saw that
something was necessary to be done, but he lacked the energy to do it, and had not virtue
enough to sacrifice his pleasure in the attempt. No wonder that, with his character, he listened
favorably to the mighty project, so easy of execution, of the clever adventurer whom he had
formerly known and whose talents he appreciated.^
II.
Obv. In field, to right, John Law at full length, in cocked hat and flow-
ing wig ; in his left hand he holds a full-rigged ship, and in his right an open
scroll, on which is inscribed, in four lines, lovisiana | est est | banco et |
I History of the Mississippi Scheme, by Charles Mackay, LL. D. 2 Mackay.
26 MEDALS RELA TING TO JOHN LA W
MONETA (Louisiana is a bank and is a mint.) In other words, Louisiana is
both bank and mint, — a country in which money can be made, and from
which it may be drawn as from a bank. In field, to left, a cave tenanted by
Envy, who is regarding Law, and screaming and tearing her hair with rage.
Above all Fame is seen flying toward the right, and sounding two trumpets,
one directed toward the earth, the other toward the heavens ; from the first
proceeds the words lavs in terris. (His praise is in the earth), and from the
other, LAVS in astris. (His praise is in the stars [heavens].) In exergue,
in four lines, invidiam virtvte partam | gloriam non invidiam | ivdico | cic •
p • CAT • I • c • 1 2 ■ (The odium that is born of virtue, I regard as glory, not
odium. Cicero against Catiline, first Oration, chapter 12.)
Rev. Inscription in twenty-one lines, » | » invidia ♦ | lvcripetas allicis
j vanae venditione spei • {Envy — You allure those who seek for wealth, by
the sale of a vain [or foolish] hope.) lavs" | qvod vervm est, lateat |
QVAMVis, ALiQVANDO [nd in monogram] patebit • {Praise — That which is true,
although it may be [now] hidden, sometime will come to light.) invidia |
avriferos vendis montes : | potieris ahenis : {Envy — You sell mountains of
gold;'' you possess only brass.) laws | qvicqvid svb terra est, in | apricvm
proferet aetas ■ I HORAT I • EP • 6 • {Law — Whatever there is under the
earth, time will bring it to light. Horace, Epistle i : 6.) avtor | pascitvr in
VIVIS LIVOR : I post fata QVIESCIT ; I TVNC SVVS EX MERITO | QVOQVE TVETVR
HONGS • I OVID • I ■ AMOR 15) The Author — Mahce feeds upon the living,
after death it rests ; then every man's character is esteemed according to his
1 Laus — (Lass). " The French pronounced his name limited field offered to charlatanism. The public cre-
in this manner to avoid the un-Gallic sound of aw. dulity was tested with rare impudence The de-
After the failure of his System, the wags said the na- scriptions set forth that there were mountains filled
tion was lasse de lui (tired of him), and proposed that with gold, silver, copper, lead and quicksilver" [The
in future he should be known as Monsieur HHas italics are mine.] " As these metals were very com-
(alas)." — Mackay. mon, and the savages did not suspect their value, they
2 Thiers (quoting from Cochut) says : " The region exchanged gold and silver for knives, saucepans, brooch-
watered by the Mississippi, — immense virgin solitudes, es, little looking-glasses, or even a glass of brandy." —
which the imagination filled with riches, — was an un- The Mississippi Bubble: Adolph Thiers.
AND THE MISSISSIPPI SYSTEM 29
particular deserts. Ovid, Art of Love, i : 15.) arg • straesb • f • | 1720 •
(Struck in silver at Strasburg in 1720.)
Silver; size 45. My own collection.
This medal would seem to be, upon the whole, laudatory of the System rather than
satirical : Law, with ship and scroll, implying that through commerce the resources of
Louisiana may be so developed as to become the financial support of the kingdom ;
whilst Envy is represented as a repulsive hag delivering her spiteful harangue from the
recesses of her miserable cave. Fame proclaims that his (Law's) praise is heard, not
only upon the earth, but also in the heavens ; and Cicero is .quoted to show that the
odium cast upon him should be esteemed an honor rather than odium.
The colloquy on the reverse seems to tend toward the same conclusion, as each
and every argument advanced by the opponents of the System is met by its promoters
with what appears to be a sufficient answer ; and the summing up by "the author " goes
to show that the criticisms of the envious objectors are simply the promptings of malice,
and altogether unworthy of belief.
in.
Obv. In field, a windmill ; on the post by which it is supported and on
which it revolves, mercure (Mercury) , the god of merchants ; on the base or
floor, MONOYE (Money) ; and on the side to right, reading downward, banco
(Bank). Into two of the arms, or sails, winged coins, jewelry, and art ob-
jects are entering ; while the other two are industriously showering forth slips
of paper labelled ACTiEN (Shares) and billets (Bank-bills). Ahead at the
right, in cocked hat and wig, supplies the wind, labelled lovisdors, by which
the sails are made to revolve. Legend, les richesses de France (The riches
of France.') In exergue, 1720.
I The situation in France in November, 1719, is thus pearance, Plenty immediately displayed herself through
described by a contemporary writer ; " The bank-notes all the towns and all the country ; she relieved our
were just so much real value which credit and confi- citizens and laborers from the oppression of debts
dence had created in favor of the State. Upon their ap- which indigence had obliged them to contract ; she
30 MEDALS RE LA TING TO JOHN LA W
Rev. Legend : koMt seht Das frantz-VoLCk an ! herr LaVV thVt
GROSSE THATEN ! (Come See the French people ! Mr. Law is doing great
things !) In the field, the inscription in seven lines : en | Magnas | Datopes |
CeLeber I LaVV | foenore | qVestVs (Behold! the famous Law bestows
abundant wealth, the profit acquired from interest.) A corded circle separates
the legend from the field. The date 1720 is expressed on reverse, in chron-
ogram in the legend and also in the inscription.
Silver and tin ; size 33. My own collection.
The Bank {Banco) is here represented by the windmill ; it is based upon money
{Monoye), and supported by the trade and commerce of the country (Mercury). The
real money, the capital necessary to put the Bank in operation, is shown by a stream of.
Louis d'ors, directed against the sails (the wind which sets the mill going). The Bank's
deposits are typified by the coins and valuables of its customers, which are being drawn
into it through two of the arms (or sails), while its circulating notes, by which the
exchanges of the merchants are effected, are scattered abroad by means of its shares
and promises to pay, through the other two ; the latter alternate with those first men-
tioned, and thus the four are typical of the alternating nature of its transactions. The
gains arising from these commercial ventures, being re-deposited, become in their turn
a source of profit, and may thus be supposed to justify the saying on the reverse, that
great wealth is realized from the profits (or interest) in gain, i. e., interest upon interest.
The reader will speedily discover that in the legends on a number of the
Medals described below, there are many curious deviations from correct spell-
ing. In many cases — perhaps in nearly all — this eccentric etymology was
enabled the King to liberate himself from a great part to ruin, improved the soil, and gave an additional relish
of his debts, and to make over to his subjects fifty- to every fruit produced by the earth. Plenty recalled
two millions of livres of taxes which had been imposed those citizens whom misery had forced to seek their
in the years preceding 1719, and more than thirty-five livelihood abroad. In a word, riches flowed in from
millions of other duties extinguished during the re- every quarter ; gold, silver, precious stones, ornaments
gency. This Plenty sunk the rate of interest, crushed of every kind which contributed to luxury aud magnifi-
the usurer, carried the value of lands to 80 and roo cence, came to us from every country in Europe.'' —
years' purchases, raised up stately edifices both in town Wood. [The italics are mine.]
and country, repaired the old houses which were falling
AND THE MISSISSIPPI SYSTEM 31
evidently intentional, and the literary standard will be found quite equal
to their artistic execution. Many also are as regardless of the rules of
grammar as of accurate spelling ; and this also appears to have been
deliberate. As the System began to tumble, the German wits and those
" prudent minds " who, foreseeing the coming disaster, had realized on their
profits and left the country, amused themselves with satirical jests at the ex-
pense of the victims, and their covert allusions and jingling rhymes are
preserved on these pieces in the expressive argot of the period. Now and
again the legends have a singular mixture of French with Latin, German or
Dutch, defying one to render them acceptably without using some correspond-
ing slang expression of our own day, or a long and periphrastic translation.
This must be the apology for any lack of success in turning the legends into
their English equivalents. Several of the pieces, as we learn from the com-
pilers of " Medallic Illustrations," were the work of Christian Wermuth, a
German engraver, who flourished in the early part of the eighteenth century.
Though with one or two exceptions he claims no credit for the dies, the
marked similarity between some of these pieces, and others known to have
been cut by him, leaves no doubt of the correctness of the attributions by the
authorities cited.
IV.
Obv. Bust of Law, nearly facing, with cocked hat and flowing wig, and
wearing a decoration in the form of a Maltese cross suspended by a ribbon."
In his right hand he holds a package on which is inscribed the words actien |
BILLETS (Shares and bank-bills.) Legend, in three lines, Mr. de laws ; comte
de TANCKERVILLE • CONSEILLER du ROY DANS TOUTS SES » | CONSEILS, SURINTEN-
DANT ET CONTROLLEUR GENERAL DES FINANCES du ROYAUME » | DE FRANCE :, (Mon-
2 The badge of the Ordre de St. Esprit, according to " Medallic Illustrations," Geo. 1 : 55.
32 MEDALS RE LA TING TO JOHN LA W
sieur de Laws, Count of Tanckerville, Counsellor of the King in all his
councils, Superintendent and Comptroller General of the Finances of the
Kingdom of France.)
Rev. Inscription in thirteen lines, kwia \ muntus \ fuld tezibi," | nicht
1.USCHT MEHRHAT | ZUR LOTTERIE, | SO SCHAFFT VOR BILLETS | ACTIEN \ HER, | IN
DIE KREUZ UND IN | DIE QUER, | NACH DER IETZ'gEN | WELT BEGEHR. | 172O.
(Because the world wishes to be deceived^ (or cheated) and has no longer a
desire for lotteries, therefore instead of (lottery) tickets give it shares (of
stock) in all directions according to the present desires of the world — its
whim for the moment.)
Silver, tin and lead; size 32. My own collection.
A great obstacle to Law's advancement hitherto had been his religion ; having been
educated as a Protestant, he was ineligible to official position in Catholic France. The
difficulty was finally removed by his public profession of the Catholic faith, being con-
firmed therein by the Abbe de Teucin in the cathedral of Melun in December, 17 19;
and on the fifth of January, 1720, he was declared Comptroller General of the Finances
of France. Wood says : —
At this period a report was spread that Mr. Law was to be raised to the peerage by the
title of Due de Tancarville, and that the office of Grand Treasurer was to be revived and con-
ferred upon him. His native city of Edinburgh, proud of having produced so great a man,
transmitted to him the freedom thereof in a gold box of the value of ;^30o sterling; and he
negotiated with Lord Londonderry for the purchase of Pitt's famous diamond, long the brightest
jewel in the French crown In the diploma, which is dated at Edinburgh, 8th of August,
17 1 9, he is styled the Right Hon. John Law, Lord and Earl of 'Tanckerville, Director General
of the Royal Bank and India Company of the Kingdom of France.
I The first four words of this inscription are doubt- together, and then the last three : —
less intended for " Quia mundus vult decipi." The
erroneous spelling may have been intentional ; or more " Kwia Muntus fuld tezibi
probably it is the result of an attempt to spell according Nicht luscht mehr hat zur Lott^rie,
to a Dutchman's manner of pronunciation, substituting So schaft vor Billets Actien her,
the sound of t in place of d, f in place of v, etc. The In die Kreuz und in die Quer,
whole is a jingle of five lines, the first two rhyming Nacht der ietz'gen Welt Begehr."
AND THE MISSISSIPPI SYSTEM 33
V.
Obv. Same exactly as No. IV.
Rev. Inscription : kwia mvndvs fvld tezibi nicht lvxt mehr hat zvr
LOTTERIE SO SCHAFFT VOR BILLETS ACTIEN HER IN DIE KREVZ V IN DIE QVER NACH
DER lETZIGEN WELT BEGEHR.
(Adam, Numoph. Mans. 69, fol. 975 ; Hanschild, No. 2828), S. Z. (? Silver and tin.)
I quote this reverse from Alexi IV. The lines are not indicated, the date is omit-
ted, and there are many differences of spelling observable ; too many, apparently, to be
the result of careless transcription. There seems no doubt that this was from a dif-
ferent die.
VI.
Obv. Precisely the same as Nos. IV and V.
Rev. A polyglot inscription in fifteen lines : durch | actien, \ credit,
TEicH ; I gaerten, lotterie, I kux'lib'ros, billets, I wie auch durc" alchymie,
I KOMMT man 1 ZUMS | LIEBE GELT, | UND WEIS SO GARNICHT | WIE. | In ANNO qVo :
I DefICIente peCV- | nos fVgIt oMne- | -nIa. (Through [or by means
of] shares, credit, ponds, gardens, lotteries, mining shares, books, tickets, as
also by alchemy, one comes to \i. e., acquires] the loved money, and knows
not how 'tis done. Yet in the year [1720] money being lacking, everything
was lost.) The date is expressed in chronogram in the last four lines. Sil-
ver ; size 32. Alexi III.
The above inscription is a strange jumble of German, French and Latin, and the
last four lines are curiously arranged ; the last Sine — nIa — evidently requires to be
read as part of the second line above, which ends in peCV — thus completing the word
peCVnIa. There seems to be no reason for such an arrangement of the Latin, unless
it may have been intended to convey in some way a double meaning ; it could hardly
have been accidental.
34 MEDALS RELA TING TO JOHN LA W
By the sacrifice of all kinds of property and possessions, the deluded people had
procured the means {the loved money) for purchasing the continually rising shares of the
System ; everything having a money value they had willingly parted with, in order to
become possessors of the coveted securities. Mackay says : ■ —
The extraordinary avidity of the people kept up the delusion, and the higher the price
of Indian and Mississippi stock, the more billets de banqtie were issued to keep pace with it.
The edifice thus reared might not inaptly be compared to' the gorgeous palace erected by
Potemkin, that princely barbarian of Russia, to surprise and please his imperial mistress ;
huge blocks of ice were piled one upon another ; Ionic pillars of chastened workmanship, in
ice, formed a noble portico, and a dome of the same material shone in the sun, which had just
strength to gild but not to melt it. It glittered afar like a palace of crystals and diamonds ;
but there came one warm breeze from the south, and the stately building dissolved away, till
none were able to gather up the fragments.
Thus it was with this magnificent scheme ; the unreasoning multitude, who in
their mad race for wealth had stripped themselves of everything in the process of its
creation, were now to learn that a crisis had been reached ; the public confidence had
attained its limit ; suspicion and distrust had begun their deadly work upon the structure
so insecurely erected ; its grandeur had vanished, its foundations were crumbling, and
the building, no longer a thing of beauty, was tottering to its fall. An insane desire on
the part of those whose all had been invested in the Company, suddenly to realize upon
their holdings, at once brought down upon their bewildered heads the unsubstantial
edifice which had cost them so dearly. No wonder that in their despair they cried out
that money being lacking {they had already parted with that), everything was lost !
Even the fragments were utterly worthless.
VII.
Obv. Same as Nos. IV, V and VI.
Rev. Legend, dimanche : nous vidons par les billets de bancqve toutes
LEs bourses. (On Sunday, by means of bank notes, we empty all the purses.)
AND THE MISSISSIPPI SYSTEM 35
Inscription in eighteen lines, lundi : | nous achettons | des actions, | mardi :
I NOUS AVONS I DES MILLIONS, | MECREDI : [jzV] | NOUS REGLONS | NOTRE MENAGE, |
lEUDI : I NOUS NOUS METTONS | EN EQUIPAGE, | VENDREDI : | NOUS ALLONS | AU
BALL; I ET SAMEDi : | AL HOPiTAL • | 1720. {Monday , sNQ h\xy shzres. Tuesday,
we have millions. Wednesday, we regulate our household. Thursday, we set
up an equipage. Friday, we go to the ball, and Saturday, to the hospital
[i. €., to the poor-house.] 1720.)
Silver and tin; size 32. My own collection. (The one in tin has the
edge reeded.)
In that curious collection entitled het groote | tafereel | der dwasheid (The
great scheme of foolishness), there is a caricature (No. 46) representing this journey to
the hospital. It is entitled De Inventeur der | wind-negotie, | Op zign ZEEG-kar.
(The inventor of Wind-trafific upon his Triumphal Car.)
In this print Law is seated in a sort of chariot, drawn by two cocks' having devils'
tails ; the wheels have a sort of fleur-de-lis for spokes, with a rosette in the centre ; on
the dash-board are the words naar | gast-huys (For the hospital ; literally, for the
sick and wounded), also the words a. l. hopital (To the hospital.) Law is partly
armored with helmet and collar ; in his right hand he holds the reins, and in his left a
small flag, fringed, and bearing in script the words Groote Standard | van de | Mississippi
Compangenie : \sic'\ (The Great Standard of the Mississippi Company.) At the back
of the car, on a small staff, another flag with a verse in script : Begirt was Goot \ De
winst was sock | Naar ach het ende | Kompt alles schende. (The beginning was good,
the profit was sweet, but alas, the end brought all to shame.) A branch of laurel is
suspended over Law's head, and above this, in script : Magne | Lauw | Rier? The
chariot is supported by clouds, and is moving toward the right. In the upper right
I Two cocks are charges on the arms of Law, which 2 A double-entendre, not easily translatable. Laurier
are thus described : Ermine, a bend between two cocks means a laurel, the first syllable alluding of course to
gules; crest, a unicorn's head; motto, N'ec Obscura, the name of the Comptroller. Perhaps "O great
Nee Jma. Law-rel " [the emblem of victory] is as close a render-
ing as can be given.
36 MEDALS RELA TING TO JOHN LA W
corner is a castle, also supported by clouds, and between the car and castle are the words
wiNSTEN IN DE vl'ugt | kastelem IN DE l'ugt. (The profits are in flight, the Castle is
in the air.) There are other accessories, and several verses in script which are omitted.
VIII.
Obv. Inscription in twelve lines, PARiSER- | west-indisch. | louisianischer |
COMPAGNIE I ACTIEN \ odee | STAATS-BILIETS ] lEDE A | 5OO • LIVRES OD ■ l66§ THL |
(h l in monogram) von i • ian • 1717- | mit iv • pro cent zu | verinteres-
siREN • [Paris- West-Indian Louisiana Company ; shares or state-bills, each
of 500 livres or 166I thalers, to pay interest from January first 1717, at four
per cent.'] Legend, on right side reading downward und semper-frey » [And
forever free] ; on left side reading upward sind inconfiscabel [And not to
be attached.] Then in three curved lines (upside down) in fine videbitvr |
cvivs I toni. [In the end it will be seen whose tone (is to prevail).]
Rev. Inscription in thirteen lines, so | versicherts \laws\ undspricht:]
dieses GLAUBICH I ANDERS NIGHT ■ | MANCHER | DOCH MIT THOMA | SPRICHT : | ICH
glaubes I NOCH LANGE | NiCHT • | 1720 • [So Law assures us, and says " Thus
I believe, and not otherwise." Many however, say with (doubting) Thomas,
" I believe it not by a great deal " (or by a long shot.)] Legend (commenc-
ing at bottom), alles liegt am gluck und an der zeit * [All depends on
luck and on the time.]
The last three lines on the obverse, seemingly refer to, and should be
read after the reverse, which is a song or verse of two responsive couplets ;
the two lines of each ending spricht and nicht alternately : in the first. Law
asserts that the shares are to pay good interest ; while in the second, the
doubters express their dissent from this proposition. " In the end it will be
seen which song has the true ring " — i. e. Law's words or those of the doubters.
Silver; size 27. Collection of Daniel Parish, Jr.
I The rate of interest on the Continent at this time was only two or three per cent.
AND THE MISSISSIPPI SYSTEM 39
The staats-billets (state-bills) were the sole representatives of a floating debt of
about 600,000,000 livres, which had been arbitrarily scaled down by the Regent to
250,000,000 livres ; and on Sept. 6, 17 17, at which time the Company of the West was
chartered, they were at a discount of from sixty to seventy per cent. The capital stock
of the Company was divided into shares of 500 livres each; the number of shares was
unlimited, and payment was made exclusively in billets d'etat.
For those bills, when surrendered to the Government in sums of 1,000,000 livres,
there was issued to the Company rentes (annuities) in perpetuity for 40,000 livres. The
State was relieved from the pressure of so much of its debt as was thus used, and by
assuming the payment of four per cent, upon the principal. Thus the Company had an
income of four per cent, upon its capital guaranteed by the Government. The more
readily to float the capital, the shares of aliens were exempt from the droits d'aubaine
(the right of escheat to the Crown), and from confiscation in time of war ; the obverse
legend alludes to this pledge by the Government."
IX.
Obv. Inscription in thirteen lines, pariser | west indisch- | louisiani-
SCHER I COMPAGNIE | ACT/EN \ ODER | BANCO-BILLETS | lEDES A | 5OO ■ LIVRES • OD •
i66tThl- (h l in monogram) von i ian- 1717- | mit iv pro cent zu | verin-
TERESSiREN | AO • 1 720 • AUT • 2 ■ PR • loo- Legend, same precisely as on the pre-
ceding. It will be observed that the first six lines are identical with those of
VIII, while the next two lines are different, the seventh line of the first read-
ing staats-biliets [state-bills], and of the second banco-billets [bank bills],
the eighth line being changed from " iede a " to " iedes a." The thirteenth
line AO- I720AUT- 2 PR- loo- [In the year 1720, two shares for loo.J The
last three lines on obverse, "In the end it will be seen which [is true],"
doubtless here refers to the stated value of the shares on January i, 17 17, in
contrast with the value predicted for 1720.
1 See " Narrative and Critical History of America." — Winsor.
40 MEDALS RE LA TING TO JOHN LA W
Rev. The same exactly as No. VIII. Silver, tin and lead ; size 27. My
own collection.
X.
Obv. Precisely the same as No. VIII, apparently from the same die.
Rev. Legend, beginning at bottom mann ■ sezt ■ sich ■ nicht • fur • maas ■
NOCH ziEHL * [They stop not for measure or bounds, — or, they place no
limit on their desires.] Inscription in ten lines, die | da | reich | werden |
WOLLEN I FALLEN | IN | VERSUCHUNG • | I ■ TIMOT- VI ■ V • 9 ■ TO- | 1720- [They that
will be rich fall into temptation. First Timothy, chapter VI, verses 9 and 10,
1720.J The words quoted are only part of verse 9; the two verses entire
might be profitably studied by all such as desire to be suddenly rich. Silver ;
size 27. Collection of Daniel Parish, Jr.
XI.
Obv. Same as No. IX, but without aut- 2 ■ pr- 100. This obverse I give
from Alexi who thus describes it : " Av. von nr. xii nur felht aut- 2 pr- 100."
(?'. e. Obverse as No. XII [my No. X] only lacking the line Aut, etc.) The
thirteenth line would then read ao- 1720.
Rev. The same exactly as No. X. Silver; size ? 27. Alexi No. XIII.
XII.
Obv. Legend, in three lines, da aller handel sonst so wieder
LEIT * I PARTURIUNT MONTES NASCETUR TRALALARALA I INSIGNE TOUT LA COMPA-
gnie [The mountains are in labor, forth comes Tralalarala,' the sign or em-
blem of all the Company.] In exergue, in four lines, the first two curving
I Tralalarala : Anything you please, — the braying of confusion, " wind," but not even the " mouse " of the
a trumpet, or of the animal with elongated ears, a noise, familiar proverb.
AND THE MISSISSIPPI SYSTEM 41
downward, mann schicke sich | nun nur indiese | neue | zeit [A man can
now only accommodate himself to this new order of things.] Arms of the
Company, as on the map (on the shield, which is vacant in the engraving).
Rev. Legend (commencing at bottom), ■ mann ■ sezt • sich ■ nicht • fur •
MAAS • NOCH • ziEHL • * [They stop not for measure or bounds.] Inscription in
nine lines (similar to No. X above), die da | reich | werden | wollen | fal-
len I in I versuchung I I TiMOTViv-g. JO- I 1720 [Translation as No. X.]
Silver; size 27, from a rubbing.
For the particulars of this medal I am indebted to Mr. Geo. F. Ulex of Hamburg,
Germany, who kindly sent me a rubbing of the piece which was not in very good preser-
vation, but everything quite distinct except as to the outer line of the legend, which
appears as described by Mr. Ulex. " Indiese " for In diese, is perhaps an intentional
allusion to the System.
XIII.
Obv. Legend (beginning at top to right), qui modo croesus erat * irus
et est subito [He who but now was (rich as) Croesus, is suddenly (a beg-
gar) Irus.'] In field, inscription in fifteen lines, » » » | paris. \ missisippi-
SCHER- I ACTIEN \ GENERAL DIRECTOR | EST, EST, | LAWS \ SCOTUS EDENBURGICUS • |
MERCATOR I MONETARIUS I INTRICATISSIMUS I BANQUIER & GENERAL- | CONTROLLEUR ■ |
FINANCIER 1 TRES-RAFFiNE | MDCCxx • [Paris Mississippian stock. The Direc-
tor-General is Law ; he is a Scotchman of Edinburgh ; merchant, mint-master,
a most skillful banker and Comptroller-General, and a very sharp financier,
1720.J
Rev. Legend above, furiae galliarum natura- and below, « quod cito
FIT, CITO perit» [Madness is the French nature: that which is quickly
I Irus was the cowardly but insolent beggar, who hav- was forced by the suitors of Penelope to fight, and who
ing insulted Ulysses in his own palace, before he had was " knocked out " by a single blow from the Greek
revealed himself after his return from Troy to Ithaca, chieftain. See Homer, Odyssey, xviii : 5 ct seq.
42 MEDALS RELA TING TO JOHN LA W
created, quickly perishes.] In field in seven lines, * • * |tolluntur | in |
ALTUM I UT I LAPSU | GRAVIORE | RUANT . | * » * [They are raised on high, that
their downfall may be the heavier.] Silver, copper and lead ; size 33. Alexi
XI.
In the beginning of the year 1720, Law had attained a position of immense power,
and the apparently flourishing condition of affairs was in strong contrast to the lament-
able situation existing in France at the death o{, Louis XIV. It is no wonder then that
the people, who looked upon him as the author of all that prosperity, should almost idol-
ize him, and for the mob to cry out whenever he appeared in public, " Long live Mr.
Law." In a few short months all this was changed, the great scheme had utterly failed,
and their immense losses had so enraged the Parisians, that their rancor burst out on
every occasion, and his very name was sufficient to excite tumult. Before the end of the
year in which he was made Comptroller-General of the Finances of France, he had be-
come a fugitive and almost a pauper.
XIV.
Obv. A nearly nude female to left reclining on a couch ; a man with his
head bandaged, sits with his arms folded, in an invalid's chair facing the
woman ; between them, slightly in the background, a table on which is a
bottle and two goblets ; a pair of crutches and a pair of slippers lie on the
floor in front of the man. A woman wearing a plumed helmet, and having a
sword in her right hand, and a lighted torch in her left, is regarding the
others, and leaving the scene toward the right. Above all, in three lines,
svsTiNE, I VEL | ABSTiNE : ' [Sustain or abstain] i. e. (hold on or let go), or in
Wall Street parlance, " put up or shut up." Legend, partly Latin, partly
Dutch,, (beginning at top), qVVM tV sChaDen habes, neC est opVs sorgere
i"Sustine vel abstine." — This motto occurs on a representing Britain, is endeavoring to destroy, — the
Continental bill. " Device, A thorn-bush — a hand in meaning, Bear with me or let me alone, or Either sup-
grasping the bush is pricked by the spines and bleeds, port or leave me." — Magazine of American History,
The bush stands for the Colonies, which the hand, as 1:751.
AND THE MISSISSIPPI SYSTEM. 43
SPOTTEN' [Since you have suffered the injury, you need not worry about (or
care for) the ridicule] . The legend is separated from the field by a corded
circle. The chronogram gives the date 1720.
Rev. In field, an inscription in fifteen lines, » podagra | van de koninglyke
I FRANSCHE BEURS I GEPROIECTEERT en I GETRANSPLANTEERT I IN de BEURSES I VAN
DE MISSISSIPISCHE „ | ZUIDE„EN | GENERALE-ASSURANTIE,, | COMPAGNIES • | DOOR
I LAVS I managr. | savl [The gout of the Royal French Exchange, projected
and transplanted into the Exchanges of the Mississippi, the South and Gen-
eral Insurance Companies by Law (Lavs) Manager, Saul.] Near the margin
at left NOMINA ; at right omina and at bottom habent. [Names have (their)
omens i. e. mystic significance] savl as an anagram of lavs may be assumed
to mean that as Saul the King of Israel, came to an untimely end by his folly,
so Law, the king of finance and speculation, as appeared from his very name,
might be taught by that as an omen, that he also would finally come to grief.
Silver; size 33. Collection of Daniel Parish, Jr.
XV.
Obv. Same exactly as No. XIV.
Rev. Same also, except the first two lines of the inscription, which differ
slightly and read thus r podegra | van de koninglijke Silver ; size 32.
I give this on the authority of the late David Walter, Esq., who quoted it from
DeVries' Auction Catalogue, No. 1536, Amsterdam. Podegra may possibly be a typo-
graphic error, and as ij is frequently used for y by Dutch printers, the differences on the
reverses of XIV and XV may be apparent rather than actual.
XVI.
Obv. Same as Nos. XIV and XV.
Rev. Above, anno qVo aVtoreM eXerCebat and below, Certe poDagra
[In which year (1720) the gout certainly exerci-sed (or worried) the author.]
44 MEDALS RE LA TING TO JOHN LA W
The date is expressed by the chronogram. In the field, an inscription
in eleven lines : avla | svvm servat | noctesq • diesq • | tenorem, | potare
INVITI I COGIMVR ABSQ ■ SITI ; | MORIBVS ET PODAGRA. SI | SIC VENIEMVS AD ASTRA, |
FRVSTRA SE CRVCiANT, | soBRiETATE | pii ! [The Court continues the even tenor
of its course by night and day {i. e., all the time) ; unwilling to do so, we are
yet compelled, by thirst, by the customs of the times and by the gout to
drink; if in this way we get to heaven, in vain do the pious torment them-
selves by their sobriety.] Silver ; size 33. Collection of Daniel Parish, Jr.
XVII.
Obv. Bust of Law facing slightly toward the right, with flowing wig ;
on the truncation of the shoulder, to right, iean law (John Law), and on that
to left, ergo; below the bust, in two curved lines, hic nihil | expectes-
[Therefore you will expect nothing here.] Legend, commencing at the bot-
tom (outer line), MeLaC reDIVIVVs sIne Igne et LIgno grassans, (inner
line) In CrVMenas eVropae Cassas et totas eXenteranDas ■ [Melac re-
vived, marching, without fire or wood, upon the purses of Europe, emptying
and turning them inside out.] The date expressed in chronogram of the outer
line of the legend is 1720, that of the inner is 1721.'
Rev. Legend, above : in actus missisippeis et billetis ; below, caetera
TEXTVS HABET- [In Mississippi shares and bills; the (spider's) web has all
the rest.] In the field, the inscription in eleven lines : galli | narrarvnt |
ET nos I narravimvs omnes | anglvs et hollandvs I francfvrt noribergaq
I ET HAMBVRG I AVGSPVRG ET SVA QVI | VOLVERVNT | DAMNA | SILERI • [The
French have told, and we all have told (the story) ; the Englishman and the
Dutchman, and (the people of) Frankfort, Nuremberg, Hamburg and Augs-
I The words on and below the truncation must be John Law, another Melac, has pillaged Europe ; there-
read after the legend, to get its full significance ; — fore you need expect nothing here.
AND THE MISSISSIPPI SYSTEM 45
burg, and those who have thought over their losses, are advised to be silent.']
Silver and tin ; size 45. My own collection.
Melac was one of the leaders of the robber hordes of France, who in the winter
of 1688-89 plundered and ravaged many of the cities of Germany. "While the forces
of the Emperor Leopold I were engaged in defending the Empire from the assaults of
the Turks in the East, Louis XIV, ' the king who always boasted that he made honor
the law of his life,' availed himself of the opportunity to take possession of Strasburg.
In 1688 he issued another declaration of war against the Empire, and even before it was
publicly proclaimed, his troops, under Melac and Montclair, invaded the Netherlands and
the western portion of the Empire, laid waste the fields, plundered and murdered the
defenceless inhabitants, set villages, castles and churches on fire, destroyed the works of
art, and broke open the tombs and scattered the bones on all sides. Speyer, with most
of its funereal monuments, was destroyed ; and Worms, Oppenheim, Mannheim, Laden-
burg and Heidelburg were nearly ruined through the connivance of the cruel and
barbarous Minister Louvois, whom all men haled." See " History of the German Em-
perors," p. 383.
XVIII.
Obv. From the same die as the last.
Rev. Legend: LaVs tIbI et IMpostok CorVos eLVDIs hIantes [Praise
to you Law, impostor that you are ; you have escaped the open mouths of
the ravens.] The date 1720 is expressed in chronogram. In the field, the
inscription in eighteen lines : ita | actvm est | cvm iis qvi | avgend^e (ae in
monogram) pecvnia cavsa | actiorvm nomine | chart as captabant pecvniatas |
LiTTERATA CHARTS (ae in mouogram) osoRES I T'fGNios^ (in and AE in mono-
gram) PECVNiiE (ae in monogram) contemtor- | pro avcto tandem actvs
I On this reverse the designer intended that the be silent " ; as to the rest of their property, the web
legend should be read after the inscription, — so that (woven by Law) had it. The people had been caught
the meaning seems to be, " those who have thought like flies, and there was nothing left for them to worry
over their losses in stocks and bonds, are advised to about.
46 MEDALS RELA TING TO JOHN LA W
CENSV • I CREDITORVM CENSVRAM | PRO TECVNIA CHARTAS | PRO LAQVEARIB • LAQVEOS
HABENT I ET DVM PAVLVM NON | SED SAVLVM AVDIVNT ] IVDAM SEQVNTVR | ET CVM
HOC FiVNT I LiTTERA | LONGA • ' [So it is all Over with those who, for the sake
of increasing- their wealth, sought after moneyed papers, under the name of
shares. Now they are haters of the lettered paper. Despisers of honest
money, at last, instead of increased wealth, they have the censure of their
creditors ; instead of good money, they \\^yq only paper ; instead of fretted
ceilings, they have halters ; and while listening not to Paul (as they suppose)
but to Saul, they are following Judas, and with him they will become a long
letter, i. e., the letter I.^]
Tin ; size 45. My own collection.
I was for a long time sorely puzzled as to the meaning of Law's fortunate escape
from the ravens, mentioned on this medal. The central design in plate No. 20 of "Het
Groote Tafereel der Dwaasheid," seems to solve the riddle. It apparently refers to an
attack of insanity with which Law was threatened in March, 1720, as shown by the
following extract from a letter of Lord Stair (the English Ambassador), dated on the
1 2th of that month, as quoted by Wood in his "Life of John Law of Lauriston," in a
foot-note, pp. 1 1 3-1 14: "Law's head is so heated that he does not sleep at night, and
has formal fits of frenzy. He gets out of bed almost every night, and runs stark, staring
mad about the room, making a terrible noise, sometimes singing and dancing; at other
times swearing, shouting and stamping, quite out of himself." There is more to the
same purpose, but this is sufficient.
The design alluded to is as follows : In the centre a windmill, upon which is the
date 1720. In front of the mill. Law sits facing, on his head a fool's cap and bells ; in
front of him is a small table on which is a basin of water, from which he is industriously
engaged in blowing bubbles. A raven is perched upon his head and is pecking at his
I LliTERATA seems to be an error for litteraT/E, 2 The letter I is emblematic of the body of Judas,
coNTEMTOR for coNTEMPTORES, and SEQVNTVR should who hanged himself,
be SEQVVNTVR. Similar errors occur on many of these
pieces.
AND THE MISSISSIPPI SYSTEM 47
brains. To the left is standing a sobbing woman (presumably his wife), and near her,
three children ; at the right a small flag with five lines of script, in Dutch ; and in the
foreground, to the right, a headless chicken. Below the table in front are two script
lines of verse, in Dutch : " 'k was togtig als een Actie katen | Nach bubbel ik met wind
en water." [I was windy as a stock he-cat, yet I bubble with wind and water.] Other
lines of Dutch express Law's grief for his wretched wife ; the children bewail their
father's foolishness, and are sorrowful as orphans, and the headless chicken is evidently
bereft of brains. It will be remembered that two cocks are part of Law's arms, and this
brainless one may be taken to mean that he was at least half crazy.
XIX.
Obv. A farmer ploughing, facing to the left, — two horses to the plough ;
in his right hand is a whip upraised ; clouds are floating in the sky. Legend,
outer line : beatVM DIG sIne aCtIIs paterna rVra ; inner line, qVI agItat
[Call him happy who, without shares, tills his paternal fields.] The date, ex-
pressed in chronogram, is 172 1. In exergue, in five lines: post nvbila
PHOEBVS I DVM ABUT LAW A PARIS | IN SOLSTITIO LVNAE | D ■ XIX ■ DECBR | XX •
[After the clouds (followed) sunshine, when Law left Paris at the solstice of
the moon, the 19th of December (17)20.']
Rev. In the field, an inscription in eleven lines : spes | MaLa | Dat
LaqVeos I aVCtIs I PRO ] rebVs | aVaro | i • tim ■ vi • | v • 6 • incl •12. | 17 1 8 •
19- 1 c-w- [An evil hope gives to the avaricious man a halter instead of
I The motto post nvbila phoebvs appears on the except at great length. The reference to the 6th verse
bills for JS55 issued by authority of the Continental of i Timothy vi — " Godliness with contentment is great
Congress, under date of January 14, 1779 (as does gain" — no doubt applies to the contented condition of
SUSTINE VEL ABSTINE, already mentioned under XIV, the farmer who cultivates his paternal acres without
on those for JS5.00). The vignette which accompanied indulging in the whirl of speculation. See Horace,
it shows the radiant sun at the right, shedding his Epodes, Ode II, from which the obverse legend is
beams on a landscape below, while thick clouds roll adapted. This is not the only instance where the phil-
away to the left. The double meaning of the legends, osophy of Horace is quoted on these pieces. The
etc., on this medal can hardly be expressed in English legend of I is a part of line 37, Ode VIII, Book IV.
48 MEDALS RELA TING TO JOHN LA W
increased riches, i Timothy, Chapter vi, verse 6, including 12, 17, 18, 19.
C(hristian) (W)erniuth.J The date, expressed in chronogram, is 1721.
Silver ; size 32. Alexi, VI.
According to Wood, Law left Paris on the loth of December, not on the 19th, as
appears on the medal. Neither Thiers nor Mackay give the date ; the former, however,
says that "he arrived at Brussels in the morning of the 22nd of December, 1720, pass-
ing under the name of M. Du Jardin." In reference to this Wood says : " Mr. Law
quitted Paris, so late his happy seat and the theatre of his glory, but now the scene of
his disgrace, on the loth of December, 1720, retiring to Guermande, a fine house
belonging to him, six leagues from that capital."
XX.
Obv. In the field, a staff erect, supporting a banner on which in four
lines are the words ab | actis | ad | facta [From documents to deeds.]
Legend : reDDenDa eX aCtIs LaVs LaVso [Praise should be rendered to
Law according to his works, actis has here a double meaning — conduct,
and shares.] The chronogram gives the date 1721. In exergue, in five
lines : romam cvm peteret ia | nvario m • missionis | americanae avtor | actor
ET I factor- [In the month of January, 1721, when the author, promoter
and establisher (an echo of the words on the banner) of the great American
Mission went to Rome.] A circle of voided dots surrounds all.
Rev. In the field, an inscription in ten lines : » | sparsvs | in orbem | vt
REDEAT NVMMVS, | PROVIDVS ILLE FACIT : | AVREVS ATQVE ARGENTEVS | ET LVDO-
VICVS ET INDOS | CHRISTIANOS | FACIAT, | SEDVLVS | EFFICIET | • A SOmewhat
free translation of these satirical lines is required to explain their meaning.
It will be noticed that sparsvs has no subject expressed, and thus may be
taken to imply that something, we know not what — valueless stock — is
AND THE MISSISSIPPI SYSTEM 51
" scattered ; " and further, the schemes of " that fellow" (ille, i. e. Law) are
contrasted with the singular plan of King Louis (ludovicus) to turn Indians
into Christians ; perhaps, therefore, we may read the inscription as follows :
" Worthless stuff is scattered through the world that it may return as gold
and silver money ; that fellow (Law) is doing this ; and Louis may even make
Christians out of Indians : let him earnestly accomplish this design." In
other words. Law's folly is only surpassed by that of the King ; both schemes
are alike hopeless. The whole inscription is within a border of dots, as on
the obverse. Tin ; size 35. My own collection.
No authority that I have been able to examine makes any allusion to Law's jour-
ney to Rome in January, 1721. On the contrary, Wood says he left Brussels on the
evening of December 24, 1720, and that "he came to Venice early in January, 1721,
still passing under the name of M. du Jardin, and that he continued in that city two
months;" also that "he left Venice on the 15th of March for Ferrara, on his way to
Rome ; but receiving intelligence that some of his creditors had assigned their debts
to a Roman citizen, who had concerted measures to have him arrested immediately on
his arrival, he judged it advisable to return to Venice."
The French were always most zealous in their endeavors to Christianize the Indians
in their American colonies. In many cases, however, their most earnest efforts were
comparatively barren of results ; notably so in Law's administration in the Mississippi
region, the character of the immigrants being such as to render abortive any religious
instruction of the natives. The power of the courts in France was invoked, apparently
with success, to secure numbers for Louisiana without regard to character ; vagrants
and convicts, considered dangerous for French society, were thought suitable for colo-
nists. In short, one authority characterizes them as " the scum of Europe, which France
had as it were vomited forth into the New World at the time of Law's System." Totally
unfit for citizens, and utterly worthless as soldiers, it is no wonder, as another writer
puts it, that "the inhabitants trembled. at the sight of this licentious soldiery."
52 MEDALS RELA TING TO JOHN LA W
XXI.
Obv. A man in cocked hat and court dress stands facing toward the
left ; he holds in his right hand a magnifying glass, marked i oo, through
which he is looking at a quantity of bills or shares of different denominations
(looo, 200, 100) ; his left hand, extended behind him, is pointing towards an
open chest full of coined money. Lege*id, in three curved lines above :
VERGROSRVNGS GLAS THVTS HIER VND AN SO VIELEN ENDEN | DAS SICH DIE KLVG-
STEN AVCH DIE GELDSVCHT LASSEN | BLEN DEN. A rhyming couplet.' [The
magnifying glass serves here so many ends, that even the knowing ones allow
themselves to be blinded by the lust of money.] In exergue, der actien
BETRVG I VND LIST [The shares are a trick and a fraud.]
Rev. On the bank of a stream is a dead tree with two branches ; from
one of these, at the right, a man has hanged himself after taking off his hat
and sword, which lie upon the ground ; another man, with a cane in his right
hand, is running away toward the right ; a third, giving a significant gesture
with his right hand, and holding a cane in his left, is regarding the disappear-
ing body of a fourth, who has just cast himself headforemost into the water.
As if to emphasize the insecurity of the shares, the tree is not rooted to the
ground, but is suspended in the air. Legend, in two curved lines above :
das spiel 1ST NVN ENDECKT DAS BLAT HAT SICH GEWEND • V ■ SO MACHT | DER BETRVG
EiN scHRECKENVOLLES END- Another rhyming couplet. [The play is now
found out, the leaf is turned, and the swindle comes to a terrible end.] In
exergue, in three lines: der ganzen welt ein | denkmal ist- | 1720- [The
whole world is a monument {i. e., to the folly of the time) 1720.] Silver
and copper; size 40. Alexi, VIII.
I C. W. Betts, in "American Colonial Medals," No. rare," was illustrated in the Judice dos Santos coUec-
128, following Alexi VIII, erroneously has thoren for tion. Lot 5915, sold in Amsterdam, September, igo6.
KLVGSTEN. One of these, in silver, called " extremely
AND THE MISSISSIPPI SYSTEM 53
XXII.
Obv. A man, cloaked, walking towards the right and blowing a bellows,
from the nozzle of which is discharged a quantity of shares or bills, while
from his mouth issues the words wer kavft actien [Who buys shares?]
Legend : wer sich dvrch diesen wind den geldgeitz laesset fvhren [He
who (deceived) by this wind allows himself to be led by covetousness] In
exergue: sey klvg-v-wizig in | verkehren [Be wise and keen-witted in
traffic] '
Rev. A dog on a bridge crossing a stream and carrying in his mouth a
piece of meat, seeing the reflection in the water, snaps at the imaginary piece,
and in so doing loses that which he had ; the whole is an illustration of
Aesop's well-known fable. Legend, continued from the obverse : der kan
verwirrvngs voll I SEiN HAAB-VGVTH vERLiEREN [that man will be full of
trouble and lose his possessions and goods.] In exergue : soll dich esopi
hvnd 1 NiCHT LEHREN • | 1720- [Shall not Aesop's dog teach thee ?] Silver
and copper; size 35. Alexi, VII.
XXIII.
Obv. A half-naked man sitting, and smoking (paper) money instead of
tobacco ; his evacuation is (coined) money, which, having wings, is flying
away. Legend : beeter in de wyde werelt als in de naue buik of kist
[Better in the wide world than in a narrow belly, or chest.] Above, nummus
I Alexi's description of this obverse in his text is Numismatic and Archaeological Society, which is in
not exact, and does not agree with his illustration, for very fine condition, as well as that in the British Mu-
he omits the first E in laesset (using instead the seum (see Medallic Illustrations, George I, 58), show
umlaut a) and adds the umlaut in fvhren, neither ap- that sey is correct. Alexi's description and Betts, as
pearing on the medal. In exergue he has sei as the cited, also erroneously have witzig for wiziG. The
first word, for sey ; on the pieces this letter is some- obverse and reverse legends together make a metrical
times weak or imperfectly struck and easily taken for rhyming couplet, as on several other pieces of the
an I. Betts, Am. Hist. Medals, No. 118, followed series.
Alexi, but the example in the cabinet of the American
54 MEDALS RELA TING TO JOHN LA W
VEL LOQUiTVR [Money where (?) he is talking] ; below, novit breekt ysen a 2
PRO cent [Want (or necessity) breaks iron at two per cent.]
Rev. Legend : avt deservnt nos avt deserimvs illos [We must leave
them or be left, i. e., in the lurch.] In the field, in four lines: dis | ting |
VEND I VM [A distinction must be made.'] Silver ; no size given. Alexi,
XVI. Adam, Numoph. Mansbg., p. 967.
XXIV.
Obv. Similar to obverse of No. XXIII. " Legend : beeter In De wyDe
wereLt ; aLs In De naUe bUyk of kIst [Better in the wide world, than in
the narrow stomach or chest.] Above : nvmmvs vbi loqvitvr [Money where
he speaks.] In exergue : nooIt breekt yser-22 pro Cent [Necessity breaks
iron {i. e., knows no law) ; 22 per cent.] The chronogrammatic date in the
legend and exergue combined is 17 14, about which time Law began his
operations.
" Rev. koMt seht Das frantz VoLCk an ! herr LaVV thVt grosse
thaten ! [Come, behold the people of France. Mr. Law doeth great things.]
Inscription : en Magnas Dat opes CeLeber LaVV foenore qVestVs. [Be-
hold, the renowned Law, by usury of gain, gives great wealth.] The dates
in the legend and inscription are chronogrammatic, and each make 1720.
"Silver; size 20. Med. 111., Geo. I, 57.
I Alexi gives no intimation of any chronogram in the scription, for 22, as given on the next piece ; two per
legends on this medal, and has novit for NOOIT (see cent, at that period being an absurdly low rate to corn-
remarks on this word under No. XXIV), no doubt an pare with the " necessity which breaks iron." In view
error in transcription. I suspect also that for vel we of these various discrepancies between this obverse, as
should probably read vbi, as on XXIV ; if the die was described by Alexi, and that of XXIV, the existence
imperfect, or his description made from a piece some- and ownership of which is certainly known, and the
what worn on the bows of the letter B (VEI) it might fact that he does not mention the size, it seems evident
easily be read VEL; the former word (UBi) gives a that Alexi had not seen XXIII, but described it from
meaning to the phrase, while with the latter it would imperfect information, and that the obverse dies of
mean nothing. The figure 2 in the description is, I XXIII and XXIV are probably identical.
think, quite probably an error, typographic or in tran-
AND THE MISSISSIPPI SYSTEM 55
" The descriptions and translations are from Med. 111. Alexi gives this obverse combined with
another reverse (see 127). Med. 111. has nooit where Alexi gives novit. If the latter is correct, as
seems probable, the date would be 1719, nearer Law's period of speculation. — Eds." [0/ Beits, Atn
Col. Hist.']
This medal was unknown to me until the above description appeared in " American
Colonial History, Illustrated by Contemporary Medals," p. 67, which, with its accompany-
ing note, I have copied verbatim above. It will be noticed that the reverse is precisely
the same as the reverse of my No. III. It is singular that the accomplished editors of
" Medallic Illustrations," who, no doubt correctly, have NooIt (not novit, as in Alexi
and "American Colonial History, etc.," as quoted in the text), should have overlooked
the significance of N and read the date 17 14, which has no meaning in this connection,
instead of 1720, which we have by taking N as a monogram IM for IV, thus obtaining
the true date, 1720, as on the reverse. The editors of the latter work, who had not
seen the medal, observed the discrepancy, and suggested that instead of o the v, given
by Alexi, should be a capital (i. e., noVit, not nooit), thus approximating the date
more nearly- Even this does not quite give the desired result, and it seems clear that
the engraver, finding that the letters in the words in the exergue would not supply the
Roman numerals for the required date, 1720, resorted to an artifice to complete it.
The piece is very rare.
XXV.
Obv. In the field, an empty hat, wig and coat, in position, seen from
behind ; on the waist (or belt) of the coat, mdcci Legend, banqverodt ift
A LA MODE » [Bankruptcy is all the fashion.] In the field, to left, reading up-
ward, visiBiLis. [Visible], and to right, reading downward, invisibilis. [Invisi-
ble, or " Now you see it and now you don't."]
Rev. A man lying face downward upon the ground, his head toward the
left ; in his right hand is grasped the caduceus of Mercury, the god of mer-
chants ; and in his left, a package on which is the word wexel [Note or draft.]
56
MEDALS RE LA TING TO JOHN LA W
Legend, credit ift mau^e=tobt [Credit is as dead as a mouse.'] Silver, copper
and lead ; size 27. My own collection.^
XXVI.
Obv. Same exactly as that of No. XXV ; apparently from the same die.
Rev. Same as the last also, except that the package in the man's hand
has WEXEL 1 BRiEFE [Bill of exchange] , and the word credit \n the legend is
in script capitals. The last two letters in wexel are partly concealed by the
hand of the fallen man, so that it is uncertain whether what remains is a part
of the E or the l, which has led some authorities to read it wexl (see Med.
111., George I, 59, and Alexi, X, var. i), but I think no doubt wexel was
intended. The caduceus on the reverse is larger than that on the preceding,
and one of the wings overlaps the edge. Silver, copper and lead; size 27.
My own collection.
XXVII.
Obv. Same design as the last, but having mdccii on the belt.
Rev. Same as the reverse of No. XXV. Silver; size 27.
(variety 2).
Alexi, X
1 A German proverb, equivalent to our "dead as a
door nail." Wexel is the old spelling for Wechsel.
Mercury, or Hermes, as he was called in Greek myth-
ology, vpas famous from his infancy for thefts, and was
regarded as the special protector not only of merchants
but of frauds and thieves, to which his emblem on the
medal no doubt has an allusion.
Alexi — see his X (i) and X (2) — thinks the dates on
the obverses of our Nos. XXV to XXVIII, inclusive,
are errors in the die for 1720. Medallic Illustrations —
George I, 59, also assigns No. XXVI to the Law series,
which indicates that the editors of that work regarded
the date as intended for 1720. Following these au-
thorities, the pieces are included in this list. Of course
if the dates upon the medals are correctly engraved,
they antedate the advent of Law by several years, and
the pieces must be excluded. (See note on No. XXX.)
2 Betts, in American Colonial Medals, No. 115, de-
scribing this reverse (his obverse), says there is a date
on the end of the rocks" near the "left hand" of the
prostrate man. This is an error, for there is no date
whatever on either of the three similar dies of this
type. A study of the pieces themselves and of the
descriptions by other authorities shows that lines 2 and
3 on page 60 of Betts's work, alluding to the date,
should be cancelled. They are due to a misunder-
standing and misplacing of Alexi's words describing the
date and its place : " am Ende des Rockes," meaning
" at the edge or end of the coat," carelessly translated
" on the end of the rocks," and assigned by Betts to
fhe obverse oi his 115, while Alexi's note on the date,
etc., applies to the coat on the reverse of Betts's 115.
In other words, the date is on the belt or edge of the
coat, as given above, and there is no date on the rock.
The reference to the " cocked hat .... near him," in
Betts, is due to the same error. Neither Alexi nor
Med. 111. speak of such a hat, and there is nothing on
our reverse to suggest it. The medal is said to be very
rare. It is but fair to say that the death of Mr. Betts
prevented his final revision of his work.
AND THE MISSISSIPPI. SYSTEM 5;
XXVIII.
Obv. Same as No. XXV and from same die.
Rev. Legend, « paX. paX. DICentes et taMen nVLLa paX. ier. vi 14 »
[Saying Peace, Peace, yet there is no peace. Jeremiah, Chapter 6, verse 14.]
The date expressed in chronogram is 1736.' Border heavily milled. Inscrip-
tion in nine lines : 2 | schav | pfennig | groschen | fiat | ivstitia | avt |
pereat I MVNDvs | o [Two show (or medallic) pfennig groschen. Let justice
be done, or let the world perish.] Copper, bronzed ; size 27. My own col-
lection.
XXIX.
Obv. Same exactly as the reverse of No. XXVI, and apparently from
the same die.
Rev. Same as the reverse of No. XXVIII, and from the same die. Cop-
per; size 27. My own collection."
XXX.
Obv. Three figures. In exergue, o constitution o actien [Oh Con-
stitution, oh shares.]
Rev. Similar to the reverse of XXVIII. (paX. paX. etc.) Inscription :
scHAV pfennig, etc. (omitting the figure 2, which separates the two rosettes in
the legend on the reverse of XXVIII.) Copper, bronzed; size 27. Alexi,
XVII.3 Wellenheim, No. 14,085.
1 Alexi includes the reverse of this medal (though downfall of the System, so that the correctness of his
he does not give its full description) in the Law series, judgment seems to be questionable, to say the least,
in spite of its date, which is as much too late as its ob- Indeed, these seven pieces (XXV to XXXI inclusive,
verse is too early. See his XVII, where this reverse and perhaps XXXII) seem rather to belong to the
is given with another obverse (our No. XXX). class of tokens known as spiel-marks or game counters,
2 Whether this also is properly classed in this series than to the satirical pieces undoubtedly designed to
depends of course upon the correctness of the assign- ridicule the operations of the Scotch financier. In
ment of our Nos. XXV and XXVIII. these comments as to the dates, etc., of the eight
3 Alexi, who gives this combination of dies under medals just mentioned, I am simply repeating the opin-
his XVII, as mentioned above, evidently had not seen ion expressed by me in 1894, in the letter to the editors
the original, but followed an earlier authority, and our of American Colonial Medals referred to by them in
assignment rests solely upon his opinion; but the dates the note to No. 139, page 74, a piece which combines
on both the dies have no reference whatever to the two of the doubtful dies.
58 MEDALS RE LA TING TO JOHN LA W
XXXI.
Obv. Similar to the reverse of No. XXVI in having credit in script, but
mau^e tobt is without the hyphen and there is a period at the end of the legend ;
the package has only wexel, and there are slight differences in the caduceus.
Rev. Legend, ktn-g-ii-d-w) ein ieder spricht : haett ich nur
GELD ! e I can give no guess as to the meaning of the first five letters ; the
three following are probably the initials of the engraver, for they appear again
in the inscription. [Every one says If I only had money.] In the field, the
inscription in six lines : » ♦ ♦ | ®®£5) | jst | die | losvng. | i-d-w- | 1707- | °
[Money is the watchword, idw- 1707] The whole surrounded by a heavily
milled border. Tin ; size 28. My own collection.
XXXII.
Obv. Two soldiers of the guard, each with battle-axe and sword, are
standing facing each other ; the one on the left, about to commence his
rounds, holds his hat before his face in token of secresy ; the other, with his
hat under his arm, his term of duty being ended, holds in his hand behind
him a bag of money ; he is repeating to the new-comer the watchword, and
a hint that if he is discreet, he also may have money when his turn comes to
be relieved. Legend, geld ist die losung [Money is the watchword.] In
exergue, aber [But].
Rev. An old man, with cocked hat, ruff, short tunic and long, loose coat,
with large open sieves, stands facing ; in his left hand, upraised, he holds a
purse, from which through a hole coins are falling to the ground ; with his
right hand he points to the purse. Legend, wie's kommt so geht's. [As it
comes so it goes.] In exergue, nulla bleibt | ubrig • [Nothing is left over.]
Silver ; size 39. My own collection.
AND THE MISSISSIPPI SYSTEM 6i
The two following numbers, viz. : XXXIII and XXXIV, were evidently
designed for medals, but perhaps none were struck ; they are from caricatures
in Het Groote Tafereel der Dwaasheid. The first is a part of caricature No, 7,
entitled Op en ondergang der Actionisten [Up and down go the speculators.]
The other appears as part of caricature No. 17, and represents Pope Clement
XI lying in state. In front of the bed Law and the Pretender are standing,
facing, and pulling a rope attached to the arms of a windmill, thus keeping it
in motion ; near the mill, Mal-molen van Law en de Pretendent [Sick-mill of
Law and the Pretender.] Behind the bed stands Alberoni ; his hat has fallen
off, and above his head is a scroll with the words Constitution in de rouw [The
Constitution is in mourning.] Alberoni, Law and the Pretender are bound
together by a cord. Below this picture, Roomse Schildery [A picture of
Rome.]
XXXIII.
Obv. On the centre of the field is Fortune's wheel, having eight ornate
spokes, the form of which is suggestive of the Bourbon lilies. A youth
in front facing toward the right (presumably the young King Louis XV) turns
the wheel. At the top Law at full length, with a bag of money in his left
hand (extended toward the right), stands upon the hub, and by his clever
balancing maintains his position. Three speculators, bound to the wheel, are
having their ups and downs (their gains and losses) ; the one at right, is on
the ascending side ; his hands thrust forward, to clutch the bag of money, so
enticingly held out toward him ; the one to left has passed the centre (the
culmination of the System) , and head downward is on the descending side, his
money falling from his pocket and scattering upon the ground ; whilst the
third is lying face downward on the ground, crushed by the ponderous machine,
which like the wind-mill in the background (suggestive of the operations of
the System, and ultimately grinding to powder all that falls into its power),
62 MEDALS RELA TING TO JOHN LA W
keeps always turning. All the figures are in the costume of the period.
Legend, in italic letters, Der gaai'er op en onder. [Thus it goes, up and
down.]
Rev. A group of four figures, the central one an Ethiopian facing, naked
save a waist-cloth ; on the left is a man diligently applying a brush to the up-
lifted arm of the negro ; another on the right is using a broader brush on his
breast, while the fourth, in front, is leaning over a pail, in which he is rinsing
a cloth, at the feet of the blackamoor. Legend, in italics, Verloore Arbeid.
[Labor lost.]
Size, as engraved, 29 nearly. Het Groote Tafereel der Dwaasheid.
To make the application, we may suppose the Negro to personify the System, and
the three men engaged in the white-washing process to represent the King, Law, and
the Regent, as being those most deeply interested in making their schemes presentable
to the people ; certainly, as it proved, "labor lost."
There are several London tokens of the seventeenth century, any one of
which may have furnished the idea expressed by this reverse. They are to
be found in Burn's work descriptive of the Beaufoy collection. That of Will
Bagot, a brewer, may be quoted as a sample.
Obv. Two women washing a negro. Legend, will bagot brewer — the labor in vain
Rev. In the field, w. b. Legend, on ould fish street hill.'
XXXIV.
Obv. The young Pretender (?), wearing a fool's cap with bells, holds in his
left hand a short staff to which is attached a full-blown bladder, and with his
I The device of the women scrubbing a negro white would be labor in vain. Bagot's house must have been
implies labor in vain, in which a quibble seems com- quite celebrated, since Hutton (New View of London)
bined. Women formerly were brewers, and Bagot, by speaks of the street as Old Fish street, or Labor in
his sign, defied competition ; as to produce ale like his vain hill.
AND THE MISSISSIPPI SYSTEM 63
right points to a man's head (probably that of the Regent) which protrudes
from the upper part of the Western hemisphere ; just below the head the
word Missisipi in italics. In the lower part, to left, West, and to right Zuyt
(also in italics). A hoop and stick lie on the ground near his feet, and
behind him, to left, is a tomb, on the upper part of which, in four lines of
italic, appear the words Hier is \ begraaven de \ eenig gebooren \ met zyn vader
[Here is buried the only begotten with his father.] On the lower part, or
base, also in four italic lines. Hie fepultus \ eft Unigeni \ tus cum \ Patre sua
]J suo^ [Meaning the same as the Dutch.] Above all, in a curved line, Pre-
tendent Pretendent's Zoon. [Pretender, son of the Pretender.'] The gesture
of the young fool at the left seems to suggest the query. Which of us is the
greater fool ?
Rev. The wheel of Fortune ; at the top the new Pope, Innocent XIII, is
seated facing ; in his right hand is a scourge, beneath which, to left, is Law
falling head foremost to the ground, his hat and wig gone, and his clothes
torn. From the Pope's left hand is hurled a thunderbolt directed against a
scroll on which is the word Consti \ tutio [Constitution.] Beneath this, and
on the ascending side of the wheel, the old Pretender, with his right hand
extended towards the Pope, presents a paper on which appears Req. In his
left hand he holds what seems to be a broken sceptre ; he is in court costume,
and on his head is a miniature windmill ; behind him, in two lines, Preten \
dent. Beneath the wheel, and on his back, lies Cardinal Alberoni, his head
to right, clinging to the wheel by his right arm, and giving with his left such
support to the Pretender as his prostrate condition allows ; typified by the
latter's foot on the crozier, which is thrust forward for that purpose. Law,
2 James Francis Edward, usually styled the Cheva- " Young Pretender," called by the Scotch " Bonnie
lier St. George, was the eldest son of James II, born Prince Charlie," the hero of the romantic episode in
June 10, 1688, and died about 1760; he was known as which Flora Macdonald bore so prominent a part, was
"the Old Pretender." His son, Charles Edward, the born in Rome, Dec. 31, 1720, and died in 1788.
64 MEDALS RE LA TING TO JOHN LA W
Alberoni and the Pretender are bound together by a cord. Above the Pope's
head, Pans Innocentius.
Size 54. Het Groote Tafereel der Dwaasheid.
Before leaving this singular device, it may be proper to remark that there are, on
both obverse and reverse, some accessories and veiled allusions not mentioned above.-
In regard to these, the intention of the satirist who produced the design is not suffi-
ciently clear to enable us to determine whether or no the interpretations which have
suggested themselves are those he had in mind. The historical questions involved are
also somewhat complicated. The monument may perhaps allude to the recent death of
Clement XI, the "father" of the Bull " Unigenitus," promulgated in 1713, against the
Jansenists, and the immediate predecessor of Innocent XIII ; his decease occurred
March 19, 1721, only a few weeks after Law's arrival in Rome (see XX), shortly after
the birth of the young Pretender. Possibly therefore the childish figure on the obverse
merely typifies the folly of the hour, stripped of its vain pretensions, while the belted
globe, or "orb" — which may typify the sovereign power, which Clement had lost by
death, and the old Pretender by his father's expulsion from England, — lies on its side,
its cross hanging downward, as if to intimate the hopeless condition of both Pontiff and
Prince.
Why there should be the apparent reference in the legend to the infant son of the
" Old Pretender," then less than three months old, is more difficult to explain.' The mor-
tuary significance of the monument cannot refer to either of those princes, as both were
living long after the death of Innocent, and we find nothing in the brief period of the
reign of that pontiff which connects any of the characters here depicted with the affairs
of the Stuart dynasty ; the last reigning monarch of that house, Queen Anne, had
been succeeded by the House of Brunswick in 17 14, and the hopes of the young Pre-
tender were only terminated by the battle of CuUoden, in 1746. On the other hand.
Innocent XIII was Pope from May, 1721, to March, 1724. He was petitioned by some
French Bishops to recall the Bull above mentioned, but absolutely refused to do so.
I See preceding note.
AND THE MISSISSIPPI SYSTEM 65
The device with its epitaph must therefore have been published before that refusal,
for the Bull was by no means defunct. Both Clement and Innocent showed much
favor to the old Pretender ; he had been acknowledged by Louis XIV as James III
of England in 1701. The young King Louis XV and the Regent gave him their
powerful support ; Law was among his staunchest adherents, as was also Giulio Alberoni,
Prime Minister in Spain in 171 5 (he was made a Cardinal in 1717), who "gave
much encouragement to the English Pretender, in order to weaken the influence of
England on the Continent ; but the Quadruple Alliance against Spain having demanded
his dismissal, he was on the 15th of December, 17 19, ordered to leave Spain." He was
a prominent candidate for the triple tiara, on the death of Innocent.
On the reverse it will be seen that a broken wing projects from the shoulder of
Law ; by its form it recalls those assigned to the demon in the pictures of his combat
with the Archangel Michael, and it is noticeable that the name of Innocent was Michel
Angelo Conti ; Law has dropped his bladder bauble, which, like the fool on the obverse,
he had been holding, and it bursts as it strikes the ground. On the opposite side of
the wheel the Pretender seems to depend on the vanes of a windmill which appear
behind his shoulder, for accomplishing his upward flight. The windy character of the
schemes of the System has often been satirized on these medals. Req., Pans (both
may be incorrectly spelled), and the allusion in Consiiiutio, I shall not attempt to explain
XXXV.
Obv. Full-length figure of Law, standing, in court costume and facing
three-quarters to left ; his left hand rests upon his hip, and in his right is a
well-filled purse. Legend, above, avs kvnst ■ alles gewonen [By craft
all is won.] Border beaded.
Rev. A sorrowing woman seated, nearly facing ; a small round table at
her right, on which her arm, upraised to her face, is resting ; a small bowl
is near the edge of the table, perhaps implying that she is meditating suicide.
66 MEDALS RE LA TING TO JOHN LA W
Legend, above, avs ■ vnglick alles verlohren [By bad luck (or misfor-
tune) all is lost.]
The engraving of this medal is from a rubbing, kindly furnished me by
the late Mr. Ed. Frossard. The price quoted was 200 marks.
Silver ; size 29. Numismatische Correspondenz, A. Weyl, Berlin, 1890.
XXXVI!
Obv. Clothed bust of a jolly old fellow, facing two-thirds to right, with
full beard, and his head bald on top ; before him is part of a globe, showing
the north Atlantic ocean, with its eastern and western coasts. Legend, above
RisiT STVLTiTiAM TEMPORis iLLE svi [He laughed at the folly of his time].
Rev. Clothed bust of an old man, turned partly to the left, and weeping ;
he is without beard, but has plenty of hair ; before him also is part of a globe,
but in this one the pole is at the top, and his face is turned toward the south.
Legend, above temporis ille svi casvs et crimina flevit [He wept over the
misfortunes and crimes of his time] .
Silver ; size 29. Collection of Daniel Parish, Jr.
The man on the obverse is evidently in the temperate zone of the earth (the region
of the Mississippi). He is comfortable, has realized upon his holdings, and therefore
laughs at the follies of those who have not enriched themselves out of the abundance of
that happy region. The other has held on too long, he has reached the pole (the end of
the scheme), is frozen out, has lost his money, and now mourns over the circumstances
that have left him in this pitiable plight.
XXXVIL
Obv. Folly facing, enthroned amidst the clouds, and holding in his left
hand a fool's bauble. He wears a crown and the traditional costume of the
AND THE MISSISSIPPI SYSTEM 69
Court fool, — the slashed doublet with bells on its points. Legend, above
RiDERE REGNARE EST | To laugh is to rule]. At bottom, y. C. Roettiers fecit
(engraver's name).
Rev. A fool's coat of arms, on an oval shield divided horizontally ; in the
lower (and larger) portion the field is gold, studded with moths and charged
with a fool's bauble erect. The " chief" or upper part of the shield, is typical
of the moon's changes, showing the three visible phases, the growing, full and
waning moon on a field of black, typical of night, as shown by the conven-
tional heraldic lines indicating sable. The crest is a fool's cap and bells, sur-
mounted by a night-prowling cat, walking to left ; and behind him on an
upright staff is a small pennant, charged with a single moth ; on each side of
the shield is a smoking torch, and the supporters are monkeys dressed as men ;
the whole device rests upon an ornamental scroll. Legend, above, luna duce
AUSPICE MOMO. [With the moon as our leader, and under the auspices of
Momus.] The moon's supposed influence over lunatics is here alluded to, and
Momus is the god of nonsense.
Copper; size 45. My own collection.
The following extract from the American Journal of Nitmismatics, XXIII, p. 88,
goes to show that this piece, which has long been considered as a Law medal, should
hereafter be eliminated from the series. Having had it engraved and the description as
above written out long before the article in the Journal was published, I have con-
cluded to insert it with this explanation. Referring to this piece, M. Alphonse de Witte
(of the Royal Numismatic Society of Belgium) says :
This medal was struck in France toward the close of the reign of Louis XIV, as the deco-
ration for a Society of the gay courtiers of that monarch, who called themselves the " Regiment
de la Calotte:' Mons. Emanuel de Torsac, of the royal body-guard, and Mons. Aymond, Porte-
manteur of the King, were its chiefs. This Society proposed to reform the customs and the
style of their time by turning everything into ridicule (see Memoircs pour servir a Vhistoire de la
76 MEDALS RELATING TO JOHN LA W
Calotte, Basle, 1725). They adopted as their emblem a skull-cap of lead. The commissions,
the rules, and the proceedings of this Society of joyous fools were in verse. The medal is
described as follows : —
Obv. The god Momus seated on a cloud. Legend, ridere est regnare [To laugh is
to reign, /. e. He who laughs, rules]. In exergue, j. c. roettiers fecit. Rev. lvna dvce
AVSPICE MOMO [The moon our guide, and Momus our patron]. In the centre of the shield the
design showed a fool's bauble, in pale (perpendicular) on a field strewn with butterflies. In
chief upon a dark base was the moon at the full, having a crescent to the right and to the left.
The crest was a skull-cap with double ear-laps, trimmed with hand bells and little sleigh bells,
and bearing a weather-cock, having at its foot a rat passant. For lambrequins a cloud of smoke ;
and for supporters two monkeys, representing the one a gentleman of the robe, and the other a
gentleman of the sword.
It will be observed that the description while in the main agreeing with the cut,
yet differs in several particulars. For instance, the legend on obverse reads ridere
EST REGNARE while On the cut it is ridere regnare est ; the engraver's name is given
in capital \ttt&rs, and is "in exergue," while the cut shows that it is in script, and
crowded close to the rim, and that there is no sockel or exergual line. It is therefore
quite plain that if M. de Witte's description was accurately copied in translating it for
the printer (which may be doubtful), there must have been two obverse dies.
XXXVI 11.
Obv. Bust in profile to right, in military costume with high, embroidered
collar and scarf. Legend, j. a. b. law m""^ de lauriston min'^'"' sec"? detT
DE la m™ du roi [James Alexander Bernhard Law, Marquis of Lauriston,
Minister and State Secretary of the Royal Treasury]. On the lower part of
the bust and close to the rim, barre f. 1821. (Name of engraver.)
Rev. A mantle of ermine, surmounted by the coronet of a marquis, and
charged with the family arms ; viz., a shield surmounted by a similar coro-
net as a crest, on a field of ermine, a bend gules (red) between two game
AND THE MISSISSIPPI SYSTEM 71
cocks proper, the supporters being unicorns ; suspended from a bar beneath
are two decorations, probably the cross of the Legion of Honor, and of the
Order of the Bath. Legend, nec obscura nec ima [Neither obscure things
nor the lowest things]. At bottom, 182 1 and near the border to right,
BARRE F.
Copper ; size 43.
James Alexander Bernhard Law de Lauriston was born February i, 1768. He
was the representative in the male line of the Comptroller General, a nobleman of the
highest consideration in the French Court, and a peer of France under the title of Count
Lauriston.
On the 6th of June, 1823, he was raised to the dignity of Marshal of France, in
the room of Prince Eckmuhl, deceased, and appointed Commander in chief of the second
corps of reserve of the French army in Spain. — Wood.
Like the first medal of the series, this, the last, has only a remote connection with
Law and his System. It is, however, interesting as establishing the fact that a century
after the collapse of the scheme, the family was still highly honored in France, the date
which it bears, 1821, making it a sort of family centennial. It has also a practical in-
terest, because of arms and motto, and therefore seems to be fairly entitled to a place
in this remarkable group.
"Laus Deo."
?2
AND THE MISSISSIPPI SYSTEM
TABLE SHOWING THE METALS IN WHICH THE PIECES WERE STRUCK.
Those marked * were in my own collection.
J
Silver
Silver*
Silver
Silver
Silver
Silver
Silver
Silver
Silver*
Silver
Silver
Silver
Silver
Silver
Silver
Silver
Silver
XX
XXI
XXII
XXIII
XXIV
XXV
XXVI
»XVII
XXVIII
XXIX
XXX
XXXI
XXXII
XXXIII
XXXIV
XXXV
XXXVI
XXXVII
XXXVIII
Tin*
II
Silver
Silver
Silver
Silver
Silver
Silver
Silver
Copper
Copper
III
IV
V
Tin*
Tin*
Tin
Lead
VI
Copper*
Copper
Copper
Copper*
Copper*
Copper .
Lead
VII
Tin*
Lead
VIII
Lead
IX
Tin
Lead
X
XI
XII
Tin
Tin
' Lead '
Tin*
XIII
Copper
Silver*
From Taf-
From Taf-
Silver
Silver*
XIV
ereel der
ereel der
Dwaas-
Dwaas-
hied
XV
hied.
XVI
XVII
Tin*
Tin*
XVIII
Copper*
Copper*
XIX
Silver
TABLE SHOWING THE CORRESPONDING NUMBERS FROM ALEXI AND AMERICAN
COLONIAL HISTORY.
Benj. Betts.
Alexi.
Am. Col. Hist.
Benj. Betts.
Alexi.
Am. Col. Hist.
I
II
III
IV
V
XVIII
I
IX
IV
125
114
130
123
XX
XXI
XXII
XXIII
XXIV
XXV
XXVI
XXVII
XXVIII
XXIX
XXX
XXXI
XXXII
XXXIII
XXXIV
XXXV
XXXVI
XXXVII
XXXVIII
XV
VIII
VII
XVI
? XVI
141
128
118
127
126
VI
III
V
124
122
140-
121
VII
VIII
(1) X
(2) X
IIS
116
IX
XII
X
139
138
XI
XII
XIII
XIV
XI
131
137
119
XVII
XIII
XIV
XIX
120
XV
134
133
117
132
135
XVI
129
136
XVII
II
XVIII
XIX
VI
ADDENDA.
FEW words explanatory of the armorial devices with their singular
accessories, which appear upon the title-page of this pamphlet, and
of the fragment of a caricature representing Law seated on a globe,
may be interesting, and the following descriptions are accordingly
submitted.
In reference to the first, it may be said that of the two shields, that on the left
bears the family arms of Law, a blazon of which has been given under No. XXXVIII,
and which are shown with their proper mantling and crest on the reverse of that medal.
The shield on the right has the arms of the Mississippi Company, which are also shown
on the map on an earlier page of this work. The various combinations of French mer-
chants engaged in commercial enterprises with the West Indies and " Louisiana," —
once including the entire country south and west of the Great Lakes, — had used
different arms at different periods of their history, which it is needless to describe at
length ; it is sufficient to say that those devices had so many points of similarity that
the later coats seem to be evident modifications of the earlier ones. In nearly all of
them the color of the field is "vert" or green, which is indicated in the engravings
by lines drawn obliquely from left to right, and is certainly an appropriate color.
Indians appear, sometimes as parts of the device, at other times as supporters ; while a
river-god or a horn of plenty from which gushes a stream of water, as in our engraving,
>4 ADDENDA.
has reference to the great " Father of Waters." Modern financiers might see in the
copious outflow a reference to the abundant supply of " watered stock " thrown on the
market by the promoters of the System. The Company's arms seem to have had no
crest.
In accordance with the rules of heraldry, the arms of Law would ordinarily be
surmounted by the family crest, which as given by some authorities was a unicorn's
head ; but here the designer has placed a satirical crest above the arms. The idea of
this was suggested by the principal design in caricature No. 36, of " Het groote tafereel
der Dwaasheid" in which Folly is seen in the act of placing a crown upon the head of
Law, who is represented as seated, facing three-quarters to right ; in his left hand he
holds a bag of money, his right being hidden behind a large kettle labelled brouw
KETEL which is kept boiling through the agency of numerous papers representing notes
and shares of various bubble companies, that are being fed to the flames beneath ; the
kettle is represented as filled with coins, from which the bystanders are helping them-
selves.
The crown is emblematic, and is constructed as follows, viz. : first, the rim, on
the front of which appears the date, m ■ d • ccxx ; in place of the balls or " pearls "
usually found on coronets, little sleigh-bells adorn the upper edge of the rim, from which
rise alternately peacock's feathers and nettle leaves. The sleigh-bells are symbolic of
the noise and confusion, the tralalarala} attendant upon the inauguration of the System ;
the peacock's feathers, of the show and glitter of its palmy days, and the nettle leaves
of the stings and injuries inflicted on its votaries at its final collapse.
The designers of the caricatures in the work cited found a very fruitful field
for cultivation in the schemes of Law, and at every opportunity turned all things be-
longing to him into subjects for their keenest ridicule. The cocks upon his arms they
depicted as the chimerical cockatrice, and for his family motto^ substituted the French
proverb which appears on the ribbon beneath the device, "This world is full of fools."
The caricature represents the belted " orb " surmounted by a cross, as borne by
monarchs as a part of their regalia ; portions of the surface are torn away, showing its
I See obverse No. XII. 2 See pages 35 and 71, supra.
;^\\mr;l,f^
ADDENDA. 75
interior, which is crowded by a struggling mass of grotesque humanity fighting for the
coveted riches therein displayed ; the struggle and revelry appear to represent fairly the
System as a whole. Law is represented seated, in profile, to right ; at his side is a
sack of coins, open and the coins scattering ; his right hand rests upon it ; he is clad in
a loose garment, his head replaced by a coin surrounded by rays, on which is his bust
in armor, laureated and facing toward the right ; the legend commencing at top, een
LAw-SE PATECON . OF MissisiPSE GELD GOD STUK- In his left hand, extended toward
the right, he holds another smaller coin, which has for a device an orb in the centre of a
triangle, the sides of which are broken by the semi-circles of a trefoil. Legend, begin-
ning on the left side, just above his hand: west actie stuk geslage int jaar 1720
The caricature is a very large one, and has a great number of figures quarreling and
fighting ; the humor is very coarse and full of obscenity ; and as if this were not enough,
there is a sacrilegious significance implied in the figure seated upon the orb, the emblem
of the world, as if its sovereign ; this is shown by the grey beard beneath the medal
which serves as a substitute for the radiant head of the figure, and which is a familiar
emblem of the First Person of the Trinity in ecclesiastical art. This, with the tri-
angular figure on the coin having a similar allusion, was not improbably intended to
express the popular contempt for the rulers of the Church who for their own ends were
willing to accept Law's pretended conversion to the Roman obedience, in order that he
might become Comptroller of the Finances.' This scornful allusion to sacred things
could have given no offence to the voluptuaries of the Regency.
' See page i6, supra.
INDEX.
For convenience of reference, inscriptions on the field and in exergue are indexed in the following list,
as well as legends. The first number is that of the piece ; the closing number that of the page on which the
words will be found.
Ab actis ad facta
Aber
Alias liegt am gluck und ....
Anno qvo avtorem ....
Avla svvm servat
Avs • kvnst • alles • gewonen
Avs. • vnglick • alles • verlohren
Avt deservnt nos avt ....
Banqverodt ist a la mode
Beatvm die sine ....
Beeter in de wyde . . .
Chambre de Justice
Constitutio .
Credit ist mause-todt
Da aller handel sonst.
20
48
32
58
8
36
16
43
16
44
35
65
35
66
23
54
25
55
26
56
27
56
28
57
19
47
23
53
24
54
I
23
34
63
25
56
26
56
27
56
29
57
31
58
12
40
Das spiel ist nvn endeckt. . .
Der actien betrug
Der gaat'er op en onder
Der ganzen welt
Der kan verwirrvngs veil . . .
Die da reich werden ....
Dimanche : nous vidons par .
Distingvendvm
Durch actien, credit. . . .
En magnas dat opes .
Furiae Galliarum natura
Galli narrarvnt et nos .
Geld ist die losung
Geld ist die losvng ....
Hie nihil expectes
Hie sepultus est
In actiis Missisippeis et . . . .
Ita actvm est.
Invidia Iveripetas allicis . . . .
Invidiam virtvte partam
J. A. B. Law
K. T. N. G. I
21
52
21
52
33
62
21
52
22
S3
10
40
7
34
23
54
6
33
3
30
24
54
13
41
17
44
32
58
31
58
17
44
34
63
17
44
18
45
2
26
2
26
38
70
31
58
INDEX.
77
Komt seht das Fratitz-volck
tt (( (1
Kwia muntus fuld tezibi . . . .
Kwia mvndvs fvld tezibi . . .
Lavs in astris ....
Lavs in terris
Lavs tibi et impostor ....
Les richesses de France
Lovisiana est est Banco . . . .
Ludovicus XV • D • G ■ Fr ■ e
Luna duce auspice Momo
Lundi : nous achettons ....
Mann schicke sich nun ....
Mann • sezt • sich • nicht . . .
Melac rediviws sine .
Mr. de Laws; Comte.
Nee obscura, nee ima (note)
Nooit breekt yser
Novit breekt ysen
Nulla bleibt ubrig.
Nummus vel loquitvr .
Nvmmvs vbi loqvitvr .
O constitution O actien
Paris. Missisippischer actien
Pariser-West-Indisch
(( u
Pariser West Indisch-
a tt
Parturiunt montes nascetur .
Pax. Pax. dicentes et . . . .
... .
3 3°
• 24 54
4 32
5 33
2 26
2 26
18 45
.
3 29
. 2 25
t Nav • Reji
I 23
37 6g
7 35
12 41
10 40
II 40
12 41
17 44
4 31
5 33
6 33
7 34
35
38 71
24 54
23 54
32 S8
23 S3
24 54
30 57
13 41
8 36
10 40
9 39
II 40
. . .
12 40
28 57
29 57
30 57
Podagra van de koninglyke . . .
Podegra van de koninglijke .
Post nvbila Phoebvs
Pretendent Pretendent's Zoon
Qui modo Croesus erat
Quod cito fit ... .
Qvvm tv schaden habes
Reddenda ex actis ....
Ridere est regnare
Ridere regnare est
Risit stvltitiam temporis .
Romam cvm peteret. . . .
Scliav pfennig groschen . .
Sey klvg • v • wizig. . . .
So versicherts Laws und .
(( ((
Soil dich Esopi hvnd
Sparsvs in orbem vt . . . .
Spes mala dat
Svstine vel abstine
Temporis ille svi casvs . . . .
ToUuntur in altum ....
Und semper frey .
Vergrosrvngs glas thvts . . .
Verloore arbeid
Vindex avarae fraudis .
Visibilis invisibilis
Wer kavft actien .
Wer sich dvrch diesen . . . .
Wie's kommt so geht's
Will Bagot Brewer
2 Schav pfennig groschen .
14
43
15
43
19
47
34
63
13
41
13
41
14
42
15
43
16
43
20
48
37
69
37
70
36
66
20
48
30
S7
22
53
8
36
9
40
22
53
20
48
19
47
14
42
15
43
16
43
36
66
13
42
8
36
21
52
33
62
I
23
25
55
22
53
22
53
32
58
33
62
28
ii
29
57
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