Obverse:

EDWARD D[I GRA] REX ANGL Z FRAN. Facing crowned bust in tressure of arches, annulets by neck. 

Reverse:

POSVI DEVM ADIVTORE MEVM, CIVITAS LONDON. Long cross pattée dividing the legend, with three pellets in each angle. Eye after TAS.

Very fine, toned and as Lord Stewartby noted, the heavy/new light mule paring, very rare.

During the transition from the heavy coinage groats to the light coinage, the principal change was a reduction in flan size. Initially, the dies used to strike the lighter coinage were those already in use (Heavy Coinage Class IV), which had been designed for the larger flans. This often resulted in the edge details being left incompletely struck. Subsequently, new dies were produced to address this, retaining similar, though generally smaller lettering and stylistic elements to the heavy coinage, but adapted to a more compact format. In this case, the reverse is struck from one of these later dies, while the obverse is from an earlier heavy coinage die. The obverse is a die match to a light coinage groat struck from heavy dies in the F. Brady Collection (Spink Auction, 6 Oct 2011, lot 151) and later seen in the R. Inder Collection (DNW Auction, 14 Nov 2018, lot 696).

Ex S. Mitchell (Studio Coins)

Ex Spink Numismatic Circular, June 2004 - Number HS1694