Stephen (1135-1154), Penny, Carlisle, Erebald, ere[ba]l[d : on] : card:, no inner circle on obv., crude lettering without serifs, 1.28g/8h (BMC 17, same dies; N 874; S 1306). Legends part flat, otherwise very fine with clear portrait, extremely rare (£1,500-2,000)

Illustrated on the back cover