1 Groat - James III Light Issue of c.1467

James III's Light coinage of c.1467 reduced the groat's weight significantly from the preceding Heavy Issue, a deliberate fiscal adjustment reflecting the chronic shortage of bullion that plagued the Scottish mint through the 1460s. The Edinburgh mint was the sole authorized producer of groats at this period, though its output was constrained enough that surviving examples across all grades remain genuinely scarce.

Spink 5265 is among the more elusive attributions in the James III sequence, with collectors frequently encountering misattributed pieces sliding between the Heavy and Light issue classifications due to overlapping weight tolerances on worn specimens.