This is the obverse of a billon quarter-bawbee minted at Edinburgh between 1539 and 1542, during the reign of James V. The coin was worth one and a half pence Scots. It is the only example of this coin known to exist.
The obverse design is unclear but may comprise three thistle-heads arranged radially. The Latin inscription translates as: 'James, by the Grace of God, King of Scots'.
The name 'bawbee' is derived from 'Sillebawby' - Alexander Orrok of Sillebawby was Master of the Mint when these coins were struck.
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