Watch List notes:

The Roman Empire

Caracalla caesar, 195 – 198. Aureus 196, AV 7.25 g. M AVR ANTO – NINVS CAES Bareheaded, draped and cuirassed bust r. Rev. SPEI – PERPETVAE Spes advancing l, holding flower in r. hand and raising skirt with l. C 593 var. (not cuirassed). BMC 189 and pl. 10, 5 (this obverse die). RIC 5. Biaggi 1221 (this coin). Calicó 2819 (these dies).
Very rare. Perfectly struck in high relief, virtually Fdc

Provenance
Valentine John Eustace Ryan (1882-1947) Collection part IV) sold by Glendining & Co., London, auction 20 February 1951, lot 1833.
Leo Biaggi de Blasys (1906-1979) Collection, acquired privately in 1978 by Bank Leu (Zürich) and a partner.
Sold by Numismatica Ars Classica, Zürich, auction 38 (A Connoisseur of Portraiture), 21 March 2007, lot 104.