A nice piece, well minted.
A penny from 1533 i.e. from the first edition of Elblag pennies. Such a variant is in the upcoming catalog of Gregory Romanczyk under the number GE1533_03 with the rarity grade R.
Obverse: in the pearl rim the coat of arms of the city, in the outer rim a legend beginning with a rosette:
GROSSVS*CIVIT*ELBINGK*1533;
Reverse: in the pearl rim the coat of arms of Royal Prussia, in the outer rim a legend beginning with a trifoliate:
SIGIS*AND*REX*PO*TO*TO*CI*PRVS;