Roma Numismatics Ltd
Auction XXV 22-23 Sep 2022
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France, Kingdom. Philippe IV le Bel (the Fair) AV Petit royal d'or. Struck from Autumn 1290. PһILIPPVS DЄI GRACIA, Philippe enthroned facing on lion head throne, holding lis-tipped sceptre in right hand and lis in left / ✠ FRACORVm RЄX, cross feuillue and fleuronnée; lis in each quarter. Duplessy 207; Ciani 193; Lafaurie 211; Friedberg 255. 3.52g, 21mm, 6h.
Mint State. Very Rare; the finest example to be offered at auction in over two decades, and considerably superior to the example sold at MDC sarl in June 2021 (Auction 7, lot 214, EUR 32,000).
Acquired from Burgan Numismatique.
The reign of Philip IV of France was marred by several expensive wars, which caused significant financial difficulty for the monarch, characterised by rising deficits, debasement of the currency and emergency taxation. This petit royal d'or, however, struck only 5 years after he ascended to the French throne, predates most of these wars and, as such, also predates the subsequent devaluation of the currency, hence its composition of pure gold. Indeed, it was created to directly match the size, weight and purity of the Florentine gold florin, which had by then become the de facto currency of international commerce.
The circumstances of Philip's ascension to the throne had initially seemed to be auspicious; through his marriage to Joan I of Navarre in 1284 he had also become king of Navarre and had annexed her inherited lands of Champagne and Brie. Primarily as a result of the trade fairs known as the 'Champagne Fairs', which were centres of European mercantile exchange at the time, Champagne was a particularly wealthy province and was therefore a significant financial asset for Philip, boosting the income of the royal demesne when he became king. Although not financially profitable, the Kingdom of Navarre was also a worthwhile territory to have gained through his marriage, as it was strategically important both geographically and politically. This advantageous political landscape may go some way to explain how Philip was able to produce gold denominations en masse for the first time in the history of the coinage of the Kingdom of France (gold coins only having been previously minted in very small numbers by Louis IX), of which this coin is an exceptional example.
Due to the increased revenues, Philip was able to pay off debt that he had inherited from his father's wars with Aragon and by 1287 the crown was completely solvent. His good fortune was however not to last and in 1294, after a series of failed negotiations and broken treaties surrounding the English King Edward I's French lands, war became inevitable and this was ultimately to be the longest ongoing conflict of Philip's rule. The costly campaigns against England were compounded by ongoing hostilities with Aragon and Flanders, which declared its independence in 1297. The financial buffer that Philip had built-up was rapidly depleted and the remainder of his rule was dominated by a constant need to raise funds. All the promise of a fruitful reign embodied in this coin as part of the first significant diffusion of gold coins into the French economy was ultimately undermined by the persistent wars that dominated this period of European history.
Mint State. Very Rare; the finest example to be offered at auction in over two decades, and considerably superior to the example sold at MDC sarl in June 2021 (Auction 7, lot 214, EUR 32,000).
Acquired from Burgan Numismatique.
The reign of Philip IV of France was marred by several expensive wars, which caused significant financial difficulty for the monarch, characterised by rising deficits, debasement of the currency and emergency taxation. This petit royal d'or, however, struck only 5 years after he ascended to the French throne, predates most of these wars and, as such, also predates the subsequent devaluation of the currency, hence its composition of pure gold. Indeed, it was created to directly match the size, weight and purity of the Florentine gold florin, which had by then become the de facto currency of international commerce.
The circumstances of Philip's ascension to the throne had initially seemed to be auspicious; through his marriage to Joan I of Navarre in 1284 he had also become king of Navarre and had annexed her inherited lands of Champagne and Brie. Primarily as a result of the trade fairs known as the 'Champagne Fairs', which were centres of European mercantile exchange at the time, Champagne was a particularly wealthy province and was therefore a significant financial asset for Philip, boosting the income of the royal demesne when he became king. Although not financially profitable, the Kingdom of Navarre was also a worthwhile territory to have gained through his marriage, as it was strategically important both geographically and politically. This advantageous political landscape may go some way to explain how Philip was able to produce gold denominations en masse for the first time in the history of the coinage of the Kingdom of France (gold coins only having been previously minted in very small numbers by Louis IX), of which this coin is an exceptional example.
Due to the increased revenues, Philip was able to pay off debt that he had inherited from his father's wars with Aragon and by 1287 the crown was completely solvent. His good fortune was however not to last and in 1294, after a series of failed negotiations and broken treaties surrounding the English King Edward I's French lands, war became inevitable and this was ultimately to be the longest ongoing conflict of Philip's rule. The costly campaigns against England were compounded by ongoing hostilities with Aragon and Flanders, which declared its independence in 1297. The financial buffer that Philip had built-up was rapidly depleted and the remainder of his rule was dominated by a constant need to raise funds. All the promise of a fruitful reign embodied in this coin as part of the first significant diffusion of gold coins into the French economy was ultimately undermined by the persistent wars that dominated this period of European history.