Margaret, the illegitimate daughter of the Emperor Charles V, married Ottavio Farnese, Duke of Parma. She was Governor General of the Low Countries (1559-1567), and was succeeded by the duke of Alba. Although she should have resumed her duties on 1580, she found she could not work alongside her own son, the unpopular Alessandro Farnese, who was by that time in charge of military operations against the Dutch provinces.
There are numerous small differences between this later struck medal and the original cast version by Jonghelinck. The heavy silver medals in the Cabinet des Mdailles, Bruxelles (73.6g.), and the Rijksmuseum Het Koninklijt Penningkabinet, Leiden (106.5g.) are from the same dies as this piece, although on both of the museum examples Margaret's age (45) and the date (1567) have been added.