Watch List notes:

Commemorative Medals, Medals of the Z.A.R, Paul Kruger (1825-1904; President 1883–1900), engraved shilling, 1894 (4 erased), his bust now with convict hat and jacket (marked with chevrons) and 'improved' hair and beard, very fine
Envelope states "Gift from Fred [Baldwin] Xmas 1933" (70-90 GBP)