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Lot 3375
Italian States: Lucca. Grosso d'oro, ND. Fr-483; CNI-pl.V, 2; Bellesia-1. Issue in the name of Otto IV (post 1209) and issued under the authority of Frederico II, 1190-1250. Obverse. Monogram traditionally identified as that of Otto, the three pellets above the cross-bar. Legend: .OTTO.REX. Reverse :; The Volto Santo to left. Legend: S. VVLT'. - D. LVCA. Of the greatest rarity. NGC graded AU-58.
Otto was the third son of Henry the Lion, Duke of Bavaria and Saxony, and the grandson of King Henry II of England. In 1190, he became the foster son of Richard I of England, who was his maternal uncle. Holding a friendly relationship with the English royal family ensured Otto with solid political and financial support in his later career. Richard attempted to enhance his personal benefit as well as Otto's political importance by offering him the Earldom of York, later by negotiating Otto's marriage with Margaret, daughter and heiress of King William of Scotland, but both failed. In 1196, Richard enfeoffed Otto with the county of Poitou.
After the death of Holy Roman Emperor Henry VI, Otto was elected as the successor by the princes opposing Henry's brother, Philip of Swabia, and the Staufen dynasty. However, even with the foreign supports from England and Pope Innocent III, Otto suffered some major failures in civil military campaigns and was about to be defeated, until Philip's dramatic assassination in 1208. Otto was then crowned as Holy Roman Emperor and King of Italy.
His ambition in Italian states and Kingdom of Sicily broke his relationship with the pope, he was soon excommunicated by Innocent III. Meanwhile, German nobles started to complain about his senseless activities in Italy, leaving the northern part of the empire undefended. His former allies now turned to Frederick II, son of Henry VI and another potential candidate to the throne. Otto remained his power until 1214, and after the united army of Otto and King John of England was defeated by Philip II of France, Otto had to abdicate the imperial throne in 1215.
Even though indicated as an issue bearing Otto's name, but under the authority of Frederick (as listed in the Friedberg catalog), we are still not certain if that is the case due to the uncertainty of the actual issue date. Bearing the inscription of "King Otto" (OTTO.REX), the coin was probably struck during Otto's reign as King of Italy between 1208 and 1212.
The silver coins of Otto in Luca are usually available in the market, while the gold issues are extremely rare. Due to lacking of mining resources, almost all early European gold coins of this era are rare. This issue was probably an unsuccessful competitor against the Augustalis, Florin and Ducat issued as crusader trade coins, and abandoned immediately. We have not seen this type to be offered in the public market in the decades, and this presented piece is probably the finest example among very few survivors. A historically important piece that shows the proof of Otto's short reign in Italy, and therefore very desirable.
Estimated Value $100,000-UP.
Ex Ratto Collection.
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| Realized $129,250 |
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