This is the obverse of a copper bodle minted in Edinburgh in 1693, during the reign of William II and Mary II. The coin was worth two pence Scots.
The obverse bears a crowned 'WM' monogram. The Latin inscription translates as: 'William and Mary, by the Grace of God, King and Queen of Great Britain, France and Ireland '.
After James VII's defeat William and Mary became rulers of England and Scotland. Silver coins in various denominations and copper bawbees bear their conjoined busts, and the copper bodles have a combined monogram of their two initials.
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