Watch List notes:

The Roman Empire
Octavian as Augustus, 27 BC – 14 AD

Cistophoric tetradrachm, Ephesus circa 25-20 BC, AR 11.68 g. IMP·CAE – SAR Bare head r. Rev. AVGVSTVS Capricorn r., head reverted, bearing cornucopiae on its back; all within laurel wreath. C 16. BMC 696. Sutherland group 16 (O26/R- [unlisted rev. die]). RIC 477. CBN 916. RPC 2213.
Well struck on a very broad flan and complete, wonderful old
cabinet tone and extremely fine

Ex CNG sale 73, 2006, 825.

The mint of Ephesus clearly struggled with portrait engraving. I believe a master engraver came to this mint to get it started with the new portrait coins of Augustus. Those few dies he engraved have very realistic portrait styles, as found typically at the other eastern mint, Pergamum. The style here leans toward the more common and I have called these both the "comic head" and the "silly head". This is somewhere in between the truly great and the truly silly portraits. I suspect this die was engraved by someone who was finally "getting it right". MSG.