Watch List notes:

ENGLAND, Elizabeth I (1558-1603), Portcullis silver four testerns (or reales), mm O, struck 1601/1, obverse legend ends REGI (Pr.2b; S. 2607B). Die cud or flaw at 2 o'clock on reverse, deep grey toned patina, extremely fine and very rare, one of the finest known.

Ex Noble Numismatics Sale 85B, lot 1628, the R.A.Climpson Collection. Previously Spink London in 1985 with ticket. Salvesen catalogue reported 46 known, of which 31 are in private hands.