This is the obverse of a farthing minted between around 1465 and 1485, during the reign of James III. The coin was made of copper and was worth a quarter of a penny Scots.
The obverse bears a crown above the letters 'IR' (for Iacobus Rex [King James]). The Latin inscription translates as: 'James, by the Grace of God'.
Because coins such as this were at one time believed to have been struck at an ecclesiastical mint, they are sometimes referred to as the 'ecclesiastical issue'
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