1/2 Groat - Henry VI Annulet issue, Calais mint

The Annulet issue marks the opening coinage of Henry VI's reign, struck from 1422 under the authority of the dual monarchy that followed Henry V's death and the Treaty of Troyes. Calais held its own mint specifically because it sat at the heart of the wool staple — England's most profitable export trade — and the crown needed coin on the Continent to pay garrisons and facilitate commerce without shipping bullion across the Channel at ruinous cost.

The annulets distinguishing this issue from later Henry VI types were abandoned by 1430 as monetary reforms reshaped the coinage ahead of the Rosette-Mascle series.