Watch List notes:

(x) East Anglia, Aethelstan I (c.825-845), Penny, 1.32g, non portrait type, 'Rerhelem' (Regenhere), + eÞevntr, legend begins at 6 o'clock, around large letter a, no inner circle, rev. + rerheem, around solid inner circle containing cross pattée (Naismith -, but same obverse as E39.2; N.-; S.950), edge slightly turned up at 3 o'clock, otherwise extremely fine, extremely rare, an unrecorded variety.
Provenance:
Purchased from Baldwin, May 1995

Naismith notes that the fifth letter of the obverse 'should probably be interpreted as either a runic z or as a degraded angular s.'
Estimate: £1,200 - £1,500