Watch List notes:

FRANCE, Royal. Louis XV le Bien-Aimé (the Well-Beloved). 1715–1774. AR Écu aux rameaux d'olivier (40mm, 29.39 g, 6h). Grenoble mint; différents: double dolphin/turned over crown. Dated 1727 Z. Bareheaded bust left, wearing a jacket embroidered with the cross of the Order of the Holy Spirit / Crowned round coat-of-arms of France within olive sprays. Duplessy 1675; Ciani 2117; KM 486.25. Good VF, toned, adjustment marks.

Ex Elsen 88 (10 June 2006), lot 1306.