Grossus 'Groat with M' - Philip the Handsome, Regency

Philip the Handsome held nominal lordship over Guelders during this period, but the regency coinage issued in his name reflects the duchy's persistent struggle to maintain autonomous minting rights against Habsburg pressure. The 'M' on this grossus denotes the Montfoort mint, one of several competing regional minting operations active in Guelders during the 1480s — a proliferation that itself signals political fragmentation rather than central coordination.