CNG 100, Lot: 1088. Estimate $7500. Sold for $18000. This amount does not include the buyer’s fee.

SCOTLAND. James V. 1513-1542. AV Ducat – ‘Bonnet’ (22.5mm, 5.70 g, 4h). Third coinage. Bonnet type. Edinburgh mint; im: saltire. Dated 1540. X IΛCOBVS · 5 · DEI · GRΛ · R · SCOTOR 1540, mantled bust right, wearing bonnet; annulet to left / HONOR · REGIS · IVDICVM · DILIGIT, crowned coat-of-arms over cross fleurée. Burns 4 (fig. 754); SCBI 35 (Ashmolean & Hunterian) 905 (same rev. die); SCBC 5373. VF, toned, very light mark behind head. Handsome portrait. Rare.

From the collection of Dr. Lawrence A. Adams. Ex Rev. Arnold Mallinson Collection (Spink 39, 6 December 1984), 125; Glendining’s (23 January 1935), lot 61.