Watch List notes:

SCOTLAND. James V. 1513-1542. AV Unicorn (26mm, 3.75 g, 4h). First coinage, Type II. Edinburgh mint: im: crown. Struck circa 1518-1526. (crown) IACOBVS · DEI · GRA (trilobe) REX (trilobe) SCOTORV M, unicorn standing left, holding royal Scottish coat-of-arms, crown around neck; chained ring and St. Andrew's cross below; double trilobe stop at end of legend / (crown) EXVRGΛT · DEVS · ET : DISIPENT · INIMICI : E ·, large twelve-rayed star over cross fleurée. Cf. Burns 4 (fig. 732); cf. SCBI 35 (Ashmolean & Hunterian), 884-8; SCBC 5365. In NGC encapsulation 5914546-002, graded MS 63+. Lightly toned with traces of lustre. Rare, especially so fine.

Ex L. LaRiviere (Spink 179, 29 March 2006), lot 83; Spink 82 (27 March 1991), lot 14; Dundee (Bowers & Ruddy 19 February 1976), lot 97.