Obv: (mullet)IOHN.PEARCE , around Ironmonger's Arms.
Underlying token: A (mullet) and .L , by eye can clearly be seen. Possibly reverse of a Ludlow token?
Rev: (rosette)OF.LVDLOWE , around beaded/twisted wire inner circle, 1656 with (cinquefoil) above and below.
Underlying token: 1656(mullet) , around the edge, by eye can clearly be seen. Reverse also pairs with reverse of W 37, Will Richards.
An interesting piece with clear evidence of an underlying token, worthy of more research.
M. Dickinson 36.

Sold Oct 2014