Watch List notes:

Stephen (1135‑54), Penny, Cross Moline 'Watford' type (c.1136‑45), Lincoln mint, moneyer unclear, crowned and diademed bust right, holding sceptre in right hand, legend surrounds +[‑‑‑]NE. Rev, cross moline, fleur in each angle, reads ON – INC, unclear moneyer script, 0.95g (S.1278; N.873; BMC I; M. 3‑42). Edges a little serrated, some details. An academic example of the type. Fair to fine.