Stephen, Watford type AR penny, moneyer Aelfwine, Gloucester mint, 1.41 gr. 1136-1145 AD. 

Obv: +STIEF[NER]EX, crowned bust right, holding sceptre. 
Rev: +ALFPINE[:ON:]GLO:, cross moline with fleur-de-lis in
each angle, small saltire in the centre of the cross.

Near very fine, excellent bust, full flan, small flan striking 
split at centre. 

S. 1278; N. 873, BMC type i.

Very rare, only two examples for this mint/moneyer combination (from different dies) recorded in EMC.

Courtesy of TimeLine Auctions (www.timelineauctions.com), October, 2012