I'm not convinced that they're annulets. The one on the right is definitely a die flaw or excess 'blob' on the blank, and the one on the left isn't regular. It's got the distinctive Tudor portrait, and so I'd be inclined to say it's Henry VII like this: http://www.historiccoinage.com/shop.php?action=full&id=1001 but I'd need better images to be sure.