Welcome to Treasure Net !!
Good call. Is it a merk, half merk, quarter merk or eighth merk.
REMEM IOVA PROTEGIT (Jehovah protects the King) from the series (Eighth coinage) of 1601-1604 is my guess.
Don.....
PS: James VI of Scotland would later go on to become James I of England, succeeding Elizabeth I in 1603
I can't read the last digit of the date.
Responding to an 8-year old unanswered question.........
The legend on the coin reads: REGIM IOVA PROTEGIT. What would follow is the date--although that part of the coin has been eliminated. The series ran from 1601 through 1604. The values are similar for all years--if in good condition.
Don in SoCal