Watch List notes:

Elizabeth I, fifth issue, angel, mm. Latin cross over Greek cross (1580-81), St. Michael slaying the dragon, ELIZABETH D G ANG FR ET HI REGINA, rev. ship bearing shield sailing right, cross flanked by E and rose above, A DNO FACTVM EST ISTVD ET EST MIRABI, single and double pellet stops, treble after DNO, wt. 4.96gms. (S.2525; N.1991/1; cf. Schneider 768; Brown & Comber C18a), a small crescent-shaped countermark both sides, a full coin, very fine, scarce
Purchased Knightsbridge Coins, 2001
One could speculate that the crescent-shaped punch marks are a form of trade acceptance
(2500-3000 GBP)