Written by Greta Gazzaniga
A small jewel of Italian numismatics
The Casale Monferrato mint represents a small-scale yet extraordinarily important entity within Italian numismatics. Over time, it produced coins of great allure and rarity, particularly prized by collectors for the quality and elegance of the portraiture. Among the most sought-after ‘heads’ are those of the Paleologo family, specifically the final members of the dynasty that ruled the Marquisate, like William II.
The innovation of William II: the face of power
With William II Paleologo, we witness a significant iconographic innovation. He was, in fact, the first Marquis of Montferrat to have his portrait depicted on the coins of the Casale mint. Among the most representative issues of this period, the double ducat stands out, of which three main variants are known: one featuring a youthful portrait; one with a mature portrait, characterized by a beard and the typical cap; and the final one with a mature portrait but without the cap.
In our upcoming public sale, Auction 12, taking place on May 23 and 24, 2026, we will present a magnificent specimen belonging to the second variant of the double ducat—the one featuring the mature portrait of William II wearing the cap, lot 233.
Auction 12, Lot 233, CASALE William II Paleologo (1494-1518) Double Ducat
The change in heraldry: from the Aleramici to the Paleologo
A further distinctive element of William II Paleologo’s larger-module issues is the coat of arms featured on the coins. Although the Paleologo dynasty had ruled Montferrat for over two centuries, until that point the coins had exclusively depicted the coat of arms of Montferrat—that of the previous Aleramic dynasty. Under this Marquis, the Paleologo’s own coat of arms appears for the first time, featuring a more complex and detailed design.
The Besson document: the key to deciphering history
Studies on the Casale Monferrato mint are relatively recent, and historical research has had to contend with a significant lack of documentation. A fundamental contribution to the knowledge of the mint’s issues comes from a document discovered at the beginning of the 20th century: a deed drawn up on July 7, 1511, by the mint master Claude Besson. In this document, Besson lists the coins struck up to that time and the officials employed at the mint.
The document explicitly mentions the production of “grossones cum capite illustrissimi domini marchionis Montisferrati cum birretto et barba; duplas auri eiusdem stampae”, thereby attesting to the minting of grossoni featuring the portrait of the Marquis with a cap and beard, and gold double ducats produced from the same die. This reference confirms that the double ducat shared its die with the silver grossone, now more commonly known as a testone.
The Renaissance influence: a comparison with Milan and Savoy
The practice of using the same die for issues in different metals was not a novelty in northern Italy during the early sixteenth century. In fact, the Casale Monferrato mint did not hold a dominant role in regional monetary circulation. Instead, it followed an iconographic tradition already established in the more influential monetary systems of the Duchy of Milan and the Duchy of Savoy. A comparison with Milanese testoni immediately highlights a common typological approach, characterized by the profile portrait of the sovereign on the obverse and the coat of arms of the issuing authority on the reverse—a template adopted for both silver and gold issues.
The double ducat: a masterpiece between celebration and the history of Italian coinage
It is possible that the issues of William II Paleologo served a partially celebratory function alongside their economic role. Nonetheless, they undoubtedly represent one of the pinnacles of Italian Renaissance numismatics, blending artistic quality, iconographic innovation, and profound historical interest.
Today, the rarity of these issues continues to exert a magnetic allure. Every auction appearance of a double ducat or a testone featuring the portrait is not merely a commercial event, but the rediscovery of a fundamental chapter in Italian monetary history—where the identity of a territory is still reflected, sharp and proud, in the profile of its lord.
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