(1701) John Law / Credit Is As Dead As A Rat Medal. Betts-115 var, Adams S-8. Silver, 26.3 mm. AU Details--Edge Repaired (PCGS).
109.8 grains. Dated MDCCI at the waist of the reverse figure. Brilliant silver with golden toning. Hairlines and marks are scattered across both sides, with an appearance that suggests the possibility of time spent in jewelry. All design elements are nice and clear. The obverse depicts, as described by John Adams, "a man [lying] face down on the ground, in his left hand a briefcase marked WEXEL ('exchange') and in his right hand a caduceus," the symbol of commerce. The reverse shows "a waist-length figure of a man in cocked hat" from behind, facing away. The obverse legend translates as "credit is as dead as a rat," the reverse is "bankruptcy is the fashion." As described by Adams, previous authors on John Law medals dismissed the 1701 date of this medal, seemingly incredulous that such a theme might not relate directly to Law. Indeed, this medal really was produced in 1701 and refers to some other credit contraction in Europe in that era.
PCGS# 921087.
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From the Sydney F. Martin Collection. Earlier from Presidential Coin and Antique's Auction 74, December 2005, lot 633; Rosa Americana, Ltd. (Jeff Rock), September 2006.

Estimate: $950