Stir all ingredients with ice for 30 seconds. Strain into a chilled coupe. Express orange peel over the surface and drop in.
Ada "Coley" Coleman, head bartender at the Savoy Hotel American Bar, ~1903. Made for actor Charles Hawtrey, who declared "by Jove, that is the real hanky-panky!" One of the few early-20th-century cocktails by a woman.
Coupe, no ice. Gentle bitter finish from the Fernet — many guests won't realize it's there.
Spirit-forward, herbal-bitter, vinous. The Fernet is restrained but transformative.