With the loss of a war to Prussia, Napoleon III's political fortunes were overturned faster than you could say "Chris Christie." Circulating coins, all of which bore his portrait, were satirically re-engraved in great numbers. After a time, pieces were struck, imitating the engraved ones.

The authors van Peteghem and Brichaut published a catalog, I think in 1872, of all the French medals and tokens related to the disastrous war. The authors, from Belgium, were the manufacturers and marketers of many of the pieces.