Watch List notes:

Elizabeth I, fifth issue, angel, mm. sword (1582), the archangel Michael slaying the dragon, rev. ship holding shield, no bowsprit to ship, cross above, E and rose above, wt. 5.23gms. (S.2525; N.2005), slight weakness on obverse, but a bold nearly extremely fine, a pleasing example

Estimate: £3500-4000