[+LE REI WI]LAM, Bust left, holding scepter // Short voided cross pattée, six-pointed star in each angle, partial legend around. 19mm wide, 0.64 grams.
 
William was called the "Lion" as he was the one who replaced the dragon on the arms of Scotland with the rampant lion. He was captured by the English in July 1174 and was forced to do homage to Scotland under the Treaty of Falaise in December of that year. He handed over the castles of Edinburgh, Berwick and Roxburgh, but the castle of Edinburgh was restored as part of the dowry of Ermengarde de Beaumont, cousin of Henry II, whom William married in 1186. Richard the Lion-heart sold back the independence of Scotland on 5th December 1189 to William for 10,000 Merks which amounted to 1,600,000 silver Pence to help finance the Crusades. Much of the payment will have been made in coinage of silver pennies, though this piece post-dates that period.  

Half of a penny which was cut into half to make a halfpenny. Rare halved Scottish coin that circulated in England.

This coin was found in England along with cut pennies of Henry III, Edward I and II. Old English pennies were cut into halves and quarters to create smaller change, as there were no readily available smaller denominations like halfpennies or farthings until King Edward I introduced them in 1279. People would cut a penny in half or into fourths to make smaller transactions when needed.