1/2 Noble - Edward III Treaty period, Calais mint

The Treaty period coinage of Edward III was authorized following the Treaty of Brétigny in 1360, which temporarily ended the first phase of the Hundred Years' War and left England holding Calais as a continental possession. The Calais mint had been established specifically to process the bullion flowing through that port, and its output during this period is distinguishable from London strikes by the mint mark and the presence of a flag on the stern of the ship — a detail that has occupied die variety specialists for decades.

Spink 1508 and North 1240 both cover considerable die variation within this type. Dating individual pieces precisely within the 1361–1369 window generally depends on flag position and annulet placement rather than any overt mint record.