Stephen (1135-1154), Penny, East Midlands variant, Tutbury, Walchelin, crude crowned bust right holding sceptre, [ – – ]anvsx, rev. short voided cross, annulet in centre, martlets in angles, walcml[invs] tvt, 0.97g/3h (Mack –; N –; S –). Slightly dished and legend flat in places, otherwise very fine, UNIQUE £4,000-5,000

Provenance: DNW Auction 122, 2 April 2014, lot 306.

This is generally believed to be a type issued by Robert de Ferrers, second Earl of Derby (1139-65), in the early 1140s, at a time when royal control had all but broken down. It is clearly related to a group of die-duplicates struck at Derby by the same moneyer [Mack 175(a)-(k)]. The de Ferrers’ family seat was Tutbury Castle and it is therefore not surprising that Walchelin would have been employed there for a short time. Walchelin was actually a family name and it may well be that the moneyer was a family member. Tutbury was unknown as a mint in the reign of Stephen until the discovery of this coin