France 1784-M ecu

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Jean Elsen sale 148, lot 1006
Stack's Bowers 2026 NYINC sale, lot 42108
SB126-42108r.jpg

The first specimen was lot 1006 in Jean Elsen sale 148 (Brussels, September 2021), where it sold for €130 (about US$184 including buyer's fees). The catalog description[1] noted,

"FRANCE, Royaume, Louis XVI (1774-1793), AR écu aux rameaux d'olivier, 1784M, Toulouse. D/ B. habillé à g., les cheveux noués par un ruban. R/ Ecu de France couronné, entre deux rameaux d'olivier. Très Beau. (kingdom of France, Louis XVI, 1774-93, silver écu of the olive branches of 1784, Toulouse mint. Obverse: uniformed bust left, hair tied in a ribbon; reverse: crowned arms of France between two olive branches. Very Fine.)"

This specimen is an écu au buste habillé struck at the Toulouse mint, one of a type struck there 1775-91. Its divisions were the ½, 1/5, 1/10 and 1/20 écu, struck in modest quantities. The écu was worth $1.10 in the USA before the Civil War. The écu au buste habillé is the most popular coin of Louis XVI among collectors. The second specimen was lot 42108 in Stack's Bowers NYINC sale (New York, January 2026), where it sold for $84,000. The catalog description[2] noted,

"Marvelous George III Oval Countermark on a French Ecu, Likely the Finest Extant, GREAT BRITAIN. Great Britain - France. Dollar (4 Shillings 9 Pence), ND (1797-99). George III. NGC AU-50; Countermark: AU Strong. S-3765B (Extremely Rare); KM-628 (this coin plated); ESC-1861 (R6, this coin plated). Authorized 9 March 1797. Countermark: Bank of England Type I, Bust of George III within oval indent. Applied to the obverse of a 1784-M (Toulouse Mint) France Ecu of Louis XVI (KM-564.10). An EXTREMELY RARE Dollar countermark on a French host, and the sole straight-graded example on an Ecu of any ruler by either NGC or PCGS. The state of preservation is astounding relative to the other known examples, with deeply toned, problem-free surfaces and only mild wear, with some typical strike weakness on the portrait of Louis XVI. The countermark itself is additionally superb, even relative to the typical example on a more common host, with a deeply impressed punch and a sharp, bold portrait of George III. According to our searches, only two countermarked Dollars with this host type have appeared in public auction over the past 25 years, both bearing significantly more wear than the present piece as well as major surface problems. Our research finds only two other possible examples, which seemingly have not surfaced publicly in decades. In addition to being quite possibly the finest example of this type and bearing an illustrious pedigree, this would additionally appear to be the earliest-dated Louis XVI host with this countermark. As such, its desirability and distinction cannot be understated.

Our total census with this host type is as follows:

1) NGC AU-50; on 1784-M Ecu. Plated in KM and ESC. The present example. Likely ex: Augustus Thellusson Collection (Sotheby's - 10/1931) Lot # 372 [Part] (not plated). Ex: Herbert M. Lingford Collection (Glendining & Co. - 10/1950) Lot # 692. Ex: Howard D. Gibbs Collection (Schulman - 11/1960) Lot # 55. Ex: Stack's (4/1989) Lot # 912. Sold by Spink & Son Ltd in 1990.

2) NGC EF Details--Cleaned; on 1786-(cow) Ecu. Plated in ESC. Ex: Geoffrey Cope Collection (CNG/NAC/NGSA - 5/2024) Lot # 1412 @ CHF 26,950.00 ($29,680.04) including buyer's premium.

3) NGC VG Details--Scratches, Private Counterstamp; on 1786-M Ecu. Cited in Manville. Ex: Joseph Lepczyk Auction # 43 (11/1981) Lot # 1314. Ex: Stack's Bowers Galleries (1/2024) Lot # 53261 @ $15,600.00 including buyer's premium.

4) On 1784-L Ecu. Cited in ESC. Sold by Spink & Son Ltd in 2000.

5) On 1790 Ecu [mintmark not noted]. Obverse plated in Spanish Dollars and Silver Tokens, by E. M. Kelly [Spink, 1975]."

Recorded mintage: 614,167, fairly common.

Specification: silver, 11 deniers (.917 fine), 8.3 pieces to the mark (29.488 g), face value 6 livres, 39 mm diameter. Engraved by Benjamin Duvivier. The first specimen is 28,85 g.

Catalog reference: Dr/4 № 883, Dr/2 № 616, Dav-1333; KM-564.9; Dupl-1708; Gad-356.

Source:

  • Droulers, Frédéric, Répertoire General des Monnaies de Louis XIII à Louis XVI (1610-1792), 4e édition. Paris: AFPN, 2009.
  • George Sobin, Jr., The Silver Crowns of France, 1640-1973. Teaneck, NJ: Richard Margolis, 1974.
  • Davenport, John S., European Crowns, 1700-1800, 2nd Ed., London: Spink & Son, 1964.
  • Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
  • Gadoury, Victor, Monnaies Royales Françaises, 1610-1792, 5me éd., Monaco: Éditions Victor Gadoury, 2018.
  • Duplessy, Jean, Les Monnaies Françaises Royales de Hugues Capet à Louis XVI (987-1793), Tome II, 2e édition, Paris: Maison Platt, 1999.
  • [1]Elsen, Philippe, et al., Vente Publique 148: Monnaies, Médailles et Décorations, Brussels: Jean Elsen et ses Fils S.A., 2021.
  • [2]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, January 2026 NYINC Showcase Auction, Ancient and World Coins, featuring the Kazmier Wysocki Collection, Costa Mesa, CA: Stack's Bowers Galleries, Inc., 2025.

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