Watch List notes:

FRANCE, Second Republic. 1848-1852. AR Medal (46mm, 44.39 g, 12h). Establishment of the Comptoir national d'escompte de Paris. By Jean Cavelier and Louis Merley. Dually dated 1848 and 1850 (in Roman numerals), but struck 1860-1879. Personifications of Commerce, holding winged caduceus, and Industry, with hand on hip, standing vis-à-vis on ground line, clasping each other on the should with their right hands; symbols of seafaring behind Commerce, and symbols of mechanics behind Industry; J. CAVELIER. F. and L. MERLEY. S. in exergue / REPVBLIQVE FRANÇAISE COMPTOIR NATIONAL D'ESCOMPTE DE PARIS, CREATION VII - VIII - MARS MDCCCXLVIII/INSTITVTION - IX - X - MARS/CONSTITVTION - XX - MARS/ORGANISATION - XXVIII - MARS/SOVS COMPTOIS - XXIV - MARS/PROROGATIN DV COMPTOIR/XX-FEVRIER - XXII - MARS V AVRIL/ - MDCCCL - in eight lines; above, galley under sail to right; winged caduceus and grain ears to left; hammer and tongs to right; oil lamp in exergue. Edge: (bee) ARGENT. See Rauch E-Auction 19, lot 783 (for another example). Areas of toning, hairlines. As made.