Although traditionally attributed to William Hoare of Bath, this picture which shows Walpole in the robes of Chancellor of the Exchequer is related to portraits of the 1720s. Walpole was appointed Chancellor of the Exchequer and First Lord of the Treasury on 11 October 1715 but resigned on 10 April 1717. He was reappointed to these offices on 3 April 1721 and retained them until 11 July 1742. This portrait type must antedate 27 May 1725 when Walpole was invested a Knight of the Bath; on 26 June 1726 he relinquished this honour on being appointed a Knight of the Garter