Watch List notes:

The Roman Empire
Caracalla, 198 – 217

Caracalla is shown to mature throughout 9 differing portrait types on Roman coins from a young boy with a round head and straight hair (as Caesar) to Augustus with a laurel and curly hair, to an adolescent boy with an increasing beard length, and finally to a young man with a full beard. This phenomenon was last analyzed on coins by A. Pangerl (Korrespondenzblatt des RGZM 43, 2013, 99-116). His brother Geta's portraits follow his lead, albeit with some delay, through the same portrait types so that shortly before the death of their father, the two brothers were equally presented to the people as mature young men, ready to follow their father to the throne. Caracalla developed further portrait types only after his brother's murder, for instance a very aggressive sinister looking type with deep wrinkles on his forehead. AMP.

Denarius 199, AR 3.49 g. ANTONINVS – AVGVSTVS Laureate, draped and cuirassed bust r. Rev. PONT – TR P II Securitas seated r., holding sceptre and resting head on r. hand; at her feet, lighted altar.
C 98. BMC Severus 156 note. RIC 29. Extremely fine
Ex Gorny & Mosch sale 208, 2012, 2137.
This denarius shows Caracalla's first laureate portrait, with curly hair. AMP.