Lot 21

Christoph Weigel (1654 - 1725) QUINCAMPOIX STREET DURING THE MISSISSIPPI BUBBLE

Below the dramatic situation depicted on the street, the medallion depicts John Law, in a sense a legend in the history of economics. He entered the French court shortly after the death of Louis XIV. The Sun King had left behind an astronomical debt of some 2.4 billion livres, and Philippe of Orléans was looking for someone to help him resolve the situation. John Law had a background in banking, the stock market and gambling. Speculating on the colonies and their real return in Mississippi and printing notes not secured by gold led to hyperinflation, a mob frenzy, a crisis that affected the French economy for several decades and contributed to skepticism about paper currency.