This is the obverse of a silver four shilling piece minted at Edinburgh in 1581, during the reign of James VI.
The obverse bears a portrait of the king in armour on horseback. The Latin inscription translates as: 'James VI, by the Grace of God, King of Scots'.
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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