Penny of Stephen “Watford” type

This coin is a rare type of Stephen’s ‘Watford type’ lacking an inner circle on the obverse. The reverse has been tentatively read as [ ]NOD.ON:O[ ] and it is suggested that this could refer to a moneyer Æthelnoth, known to have struck Henry I’s last type at Oxford. If this is correct, the coin is the first for this moneyer for Stephen. It is a Find of Note: Regional Importance.