Watch List notes:

ANGLO-SAXON, Kings of Mercia. Coenwulf. 796-821. AR Penny (18.5mm, 1.30 g, 12h). Portrait phase. London mint; Ælfhun, moneyer. Struck circa 805-821. + COENVVLF REX (Mercian m), diademed and draped bust left / + AELHVVИ, cross-crosslet; pellets within legend. Naismith L18.3b (this coin); North 346; SCBC 918. Crimped and porous. Good Fine. Extremely rare.

From the Allan Williams Collection. Ex Dix Noonan Webb 57 (19 March 2003), lot 540.