1 Penny - Henry VI 1st reign, Annulet issue, Calais mint

The Annulet issue marks the opening coinage of Henry VI's first reign, struck simultaneously at London and Calais — the latter mint operating under English control as part of the Crown's grip on its French territories following Agincourt. The annulets distinguishing this issue from later ones appear at the neck and in two quarters of the reverse, placed there as mint-control marks to differentiate Calais production from London's output.

Calais held a legal monopoly on English wool exports to the continent, and the mint there existed partly to recycle bullion payments flowing through that trade. Henry was nine months old when this issue began.