Watch List notes:

SCOTLAND. James V. 1513-1542. AV Ducat – 'Bonnet piece' (22mm, 5.57 g, 12h). Third coinage. Dated 1540. (St. Andrew's cross) IΛCOBVS • 5 • DEI • GRΛ • R • SCOTOR • 1540, bearded bust right, wearing bonnet; small annulet below TO in legend / + HONOR • REGIS • IVDICIVM • DILIGIT, crowned arms of Scotland over cross fleurée. Burns 4 (fig. 754); SCBI 35 (Ashmolean & Hunterian), 905 (same dies); SCBC 5373. In NGC encapsulation 5913907-002, graded XF 45. Richly toned. A handsome example of this wonderful portrait type, the earliest dated issue of the British Isles. Rare..

Ex Spink 9 (4 June 1980), lot 410 (hammer £6700); G.C. Drabble (Part 1, Glendining, 4 July 1939), lot 224.