Watch List notes:

Aethelred II (978-1016), Penny, 1.58g, Crux type, Exeter, Aelfstan, draped bust left, sceptre before, rev. +aelfstan m¯o eaxe, voided short cross, a letter of crvx in angles (Brettell 16/18; N.770; S.1148), pecks, bust slightly weak and with small area of flan stress above sceptre, this piece centrally struck on a large flan, lightly toned and some mint bloom, good very fine, the reverse sharp.
Stewartby notes in 'The Exeter Mint and its Moneyers', c.f. Brettell collection, Glens, 28 October 1970, p.18, that Aelfstan is a name that occurs at Exeter, Lydford, and Totnes. The movement of 'travelling' moneyers between mints was particularly prevalent in the west during Aethelred's reign and so it is possible that this is one and the same moneyer.
(£200 - £300)