1 Penny - Alexander III 1st Coinage, Type IV

Alexander III's first coinage underwent several documented type progressions, and Type IV represents the final phase before the extensive recoinage of the 1280s that introduced the second coinage — a reform almost certainly prompted by the widespread clipping and imitation that had degraded the currency across Anglo-Scottish trade routes. The Scottish penny circulated interchangeably with English sterling throughout this period, a de facto monetary union enforced by merchants rather than by treaty.

Spink 5044 is among the more frequently encountered types from this reign, though die studies by Stewart and others have identified considerable variation in the lettering punches used across mints including Berwick, Roxburgh, and St Andrews.