This shilling coin belonged to Walter Bagnall, the first European settler on Richmond Island, near Cape Elizabeth. He became wealthy by cheating the Wabanaki, specifically the female leader Warrabitta’s family, at his trading post. According to Massachusetts Governor Winthrop, "Bagnall...was a wicked fellow, and had much wronged the Indians."

The coin, depicting the crowned head of the king, was made during the reign of King James I. The "XII" on the obverse referred to its 12 pence value. The text rim reads "JACOBUS D.G.AND.SCO.FRA.ET.HIB.REX." The reverse of the coin depicted the shields of England, Scotland, France and Ireland and the text "QUAE DEUS CONJUNXIT NEMO SEPARET," which translates as "What God joins he will never separate."