1 Demy - James I Type III

James I returned to Scotland in 1424 after eighteen years of captivity in England, during which the country had been governed — and financially exploited — by a series of regents. His monetary reforms upon return were immediate and pointed, reasserting royal control over a coinage that had drifted badly in weight and consistency. The Type III Demy reflects those reforms, issued under a king acutely aware of what legitimate governance looked like, having observed the English monetary system from the inside for nearly two decades.

James was murdered at Perth in February 1437, cutting the issue's run short.