This is the obverse of a silver penny minted at Roxburgh between 1153 and 1165, during the reign of Malcolm IV ('Canmore'). The coin was worth one penny Scots.
The obverse bears a crowned bust between two sceptres. The Latin inscription translates as: 'King Malcolm'.
The coins of Malcolm's reign are all extremely rare and the only known mints are Roxburgh and, possibly, Berwick. It may have been that coins in the name of his father, David I, continued to be struck during his reign.
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