1 Penny - Mary I 1st Period, Type III

Mary's first period coinage — struck before her marriage to Philip of Spain in July 1554 transformed the political calculus entirely — was produced under considerable financial strain. The Scottish mint had been chronically underfunded and understaffed through the preceding regency years, and the billon content of these pennies reflects a treasury that had little room for generosity in silver allotment. At roughly 8.3% silver, the alloy sits barely above what contemporaries would have recognized as copper coinage dressed up.

Type III within this short series is distinguished by subtle die modifications made during the run. Surviving examples are scarce; the combination of low intrinsic value and fragile fabric meant most circulated to illegibility.