This is the obverse of a silver balance half-merk minted at Edinburgh in 1592, during the reign of James VI. The coin was worth six shillings and eight pence Scots.
The obverse bears crowned shield between two thistles. The Latin inscription translates as: 'James VI, by the Grace of God, King of Scots' and is followed by the date, 1592.
The coins of James VI's reign are considered to have the most beautiful designs and most varied legends of all Scottish coins. After the Union of the Crowns of 1603, Scottish gold and silver coins closely resembled their English counterparts.
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