S3520 First bust, type with early harp and large crowns. Trace of lustre on the obverse.  M/M in GVLIELMVS, F/E in DEI. (An F was used to overstrike a weak E in DEI) Weak reverse strike on French shield. A very noticeable over size A and M used in obverse and reverse legends.  The recoinage of 1696 was a huge undertaking meant to remove all the remaining hammered issues still in circulation. As an inducement, all hammered coins were recalled and allowed to be traded in for new coin at full face value.  This was a bonanza for those who had held onto their clipped silver pieces and the silver flooded in. Besides the Tower, mints were opened in Bristol, Chester, Exeter, Norwich and York to keep up with demand. In 1696 alone these six facilities melted 2,717,086 pounds of old, hammered silver coin. This fantastic output was at the expense of quality, dies were used well past their retirement. Instead of well worn dies being replaced with new ones, they were “refreshed” with repunched lettering.  This coin is an outstanding example of that. Weak reverse strike. EF/VF