This bitter vermouth-style French apéritif is now subject to a certain amount of debate due to a recipe change in the 1970s which altered the flavor and reduced the proof. Can the current version properly create the drinks from pre-change recipes? And if not, what's the best alternative?
Consensus among cocktail geeks seems to be that the current version, while nice and all, isn't the same animal. A leading candidate, Torani Amer, doesn't replace it. The solution proposed is to make your own, with Jamie Boudreau's recipe being well-regarded.
However, should you find a current bottle of Amer Picon (as we did at Gerry's in Soho, London) it's a thoroughly enjoyable beverage and quite mix-worthy. It may not make a drink like the original version, but it's a great ingredient nonetheless to bring herbal, bitter and orange notes to a drink.
Perhaps due to the change in Amer Picon's recipe in the 1970's rendering it lower proof we don't really know what this drink is supposed to taste like, however, if you can get your hands on a bottle of the stuff currently available in Europe (e.g through 
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