Obverse:

PILLEMV REX I. Crowned bust facing left with sceptre in front.

Reverse:

PVFRED ON CANT. Cross fleury with annulet in centre.

Very fine and very rare. Just 3 examples of this type/moneyer listed on EMC/SCBI, one of which is a fragment. Same obverse die as SCBI 20 Mack - Number 1345.

Ex A. Fuller Collection [bt Spink, 2 May 1900 - £1.5.0]

Ex Spink Numismatic Circular, May 1900 - Number 62420

It's been suggested that this is also possibly:

Ex Monckton Collection, Sotheby's Auction, 21-23 Jun 1869 - Lot 373 [part]

Ex Captain E. Hoare Collection, Sotheby's Auction, 10 July 1861 - Lot 61 [part]

Ex J. Hall Collection, Sotheby's Auction, 28 Mar 1849 - Lot 36

Ex Lt. Col. Durrant, Sotheby's Auction, 19-28 Apri 1847 - Lot 103