Watch List notes:

British Tokens, Eighteenth Century Tokens, Middlesex, Thomas Spence (2): penny, undated, bust of Horne Tooke, rev. the Old Bailey (DH.878); halfpenny, 1790, men exulting by bonfire of title deeds etc., rev. shepherd resting beneath tree, edge SPENCE X etc. (DH.825), DH.878 with a few light hairline scratches in obverse field, otherwise good extremely fine with some lustre, DH.825 from the later state of both dies, good extremely fine, toned, a very small area of corrosion by shepherd's right hand (2)
*ex Baldwin's vault
DH.878 (the present example has diameter 33mm., weight 15.1gms.) was described by Spence himself in the supplement to his 1795 catalogue as 'penny size'.
Estimate: 100-130 GBP