James V (1513-1542), Third coinage, Ducat or Bonnet piece, 1540, mm. saltire on obv., cross on rev., 5.66g/1h (SCBI 35, 905, same dies; B 4, fig. 753; S 5373). Very fine with a circumferential reddish tinge, very rare (£4,000-4,500)

Provenance:
Spink Auction 9, 4 June 1980, lot 409.

Illustrated on the back cover