This cufflink contains shows both sides of a King Stepehn Hammered penny. One side is on one cuff link and the other side is showing on the other. Both cuff links contain a full coin glued stongly onto the cufflink. Here's the description of the King Stephen coin that is on this cuff link ...
This cufflink contains a reproduction King Stephen Penny, Cross Moline (Watford) Type. Moneyer Edward, Canterbury Mint.
The obverse shows King Stephen facing left and the legend reads "STEFENREX+" after which is a symbol showing his hand holding a sceptre.
The reverse legend reads "EDWARD ON CANT" which tells that the moneyer is Edward in Canterbury.