Angerstein (1735 - 1823) was a banker, of a German family settled in Russia, who lived in England from about 1750. The Angerstein Collection was purchased in 1824 by the Government of Lord Liverpool and formed the nucleus of the National Gallery.

The painting was ordered by George IV a few months after the sitter's death, and based on a portrait by Lawrence of 1816. It was paid for in 1824, though not delivered until 1828.