Obverse:

[EDP]RED REX. Bearded bust r. wearing pointed helmet with sceptre in front.

Reverse:

ARNCTEL ON EOFE. Small cross voided with each limb terminating in three crescents, annulet to centre.

Slabbed and very conservatively graded PCGS AU53, especially when compared the the AU58 example we previous sold, which is from the same die pair - reference B0529.

Outside of institutions, Freeman identified only three instances of this moneyer/type being sold: one in Seaby's Coin and Medal Bulletin (May 1972, H2812), which reads "ON EOFER"; another in Lot 322 from the Rashleigh sale on 21 June 1909, which has the same reading as this current coin; and a third in the Lockett Collection (6 June 1955, Lot 830 (part)), which also carries this reading and was likely the same coin listed in the Seaby's Coin and Medal Bulletin in October of the same year (9519 – "ARNCTEL ON EOFE", VF, 32/—).