It reads:
[Obverse] JACOBUS (James) D.G. (Deo Gratia) MAG(na) BRI(tannia) FR(ance) ET (and) HI(bernia, i.e. Ireland) REX (King)
[Reverse] FACIAM EOS IN GENTEM UNAM (I will make of them one people) from Ezekiel 37:22.
Coin was commonly called a "Jacobus".
Magna Brittannia? Darn. I was hoping it was MAGA Brittania.