The picture exhibits a Charter with the Great Seal pendant, and has always been popularly known and described as the “granting of the Charter to the Barber-Surgeons.” On the other hand, however, the King was but 21 years of age in 1512 and 49 years in 1540, which latter age accords with the picture; moreover, Vicary, Ayleff, Harman, and the others represented, were members of the Court in the latter year, but not in 1512. These considerations are sufficient to demolish the “Charter” theory, and point to the hypothesis that it is the Union of the Barbers’ Company with the Guild of Surgeons, accomplished by Act of Parliament in 1540, which is _commemorated_, but then we must admit a licence on the part of Holbein (which deceived no one at the time), when he indulged his artist’s fancy by putting into the King’s hand a Charter with seal pendant, instead of an Act of Parliament, which latter would not indeed have been the King’s function to hand to the Company, and would probably, if represented, have been depicted as a mere roll, and not therefore so artistic or effective as a Charter with a Seal in the King’s hand. The Act received the Royal Assent 25th July, 1540; this would be towards the close of the year of John Pen’s mastership. Vicary, who is receiving the Instrument, was Master from September, 1541, to September, 1542; there is every probability that the painting was executed during his year of office, and that is why Holbein paid him the compliment of putting him in the chief position in the painting, which after all was intended, not as a strictly historical, but rather as a commemorative picture.