Grand Mouton d'Or - William III of Bavaria

William III ruled Hainaut jointly with his mother, Margaret of Constantinople's granddaughter, under arrangements that left monetary policy fractured for much of his reign. The mouton d'or type itself was borrowed directly from French royal coinage — Philip V of France had issued the prototype in 1311 — and by the mid-fourteenth century it had been so thoroughly imitated by Low Countries princes that distinguishing issues required close attention to marginal details and heraldic quartering.

Hainaut's gold output in this period depended heavily on trade revenues from the Meuse and Scheldt corridors, and production was intermittent rather than sustained.