Watch List notes:

The Roman Empire
Hadrian, 117 – 138

The first few portrait types of Hadrian on coins occur very early in his reign and can be clearly differentiated. The first type depicts Hadrian with a very small head and large bust. The second type has a larger head with bust, the third type a large head usually without a bust. There is an ongoing scholarly debate as to whether there are any further sub-types of portraits within this third portrait type (used from ca 120 to his death). It is my view that all numismatic portraits in this period are only variants of the same third portrait type. AMP

Denarius 117, AR 3.14 g. IMP CAES TRAIAN HADRIAN OPT AVG GER DAC Laureate, draped and cuirassed bust r. Rev. PARTHIC DIVI TRAIAN AVG F P M TR P COS P P Trajan and Hadrian, both laureate and togate, clasping hands; in exergue, ADOPTIO. C 4. BMC 6. RIC 3e.
Old cabinet tone and very fine
First portrait type of Hadrian, with the initial adoption scene. The portrait resembles that of Trajan in its structure with a large bust and a relatively small head. Contrary to Trajan, Hadrian always wears a beard. AMP.