Watch List notes:

The Roman Empire

Carinus augustus, 283 – 285. Aureus, Lugdunum summer 284, AV 4.93 g. CARINVS ET NVMERIANVS AVGG Jugate busts r. of Carinus and Numerianus, laureate and draped. Rev. VICTORIA – AVGG Victory striding r., holding trophy. C –. RIC –. Bastien Lyon, Supplement, 604a. Calicó 4405a (Roma, these dies).
Of the highest rarity, possibly the finest of very few specimens known. An interesting
and fascinating issue. About extremely fine / extremely fine

Provenance
Sold by Numismatica Ars Classica, Zürich, auction 59, 4-5 April 2011, lot 1145.
When the senior emperor Carus died mysteriously on the Persian front in the summer of 283, his two sons Carinus and Numerian assumed the burdens of their embattled empire. At this time the elder Carinus ruled the European portion of the empire and Numerian (who had accompanied his father on the Persian campaign) ruled the Asiatic portion. Numerian concluded a quick and unfavourable peace with the Persians and led his army westward to meet his brother at Nicomedia. However, while en-route Numerian was murdered and his soldiers transferred their loyalty to the commander Diocles, better known as Diocletian. The eastern and western armies eventually met not far from modern Belgrade, but before the battle got serious Carinus was murdered by members of his armies own retinue, leaving the empire in the capable hands of Diocletian.
This aureus was struck by Carinus at his mint in Lyon during the year period between the deaths of his father and brother. As the elder brother, Carinus held seniority in his title of Augustus, which he was awarded before Carus and Numerian (who was then Caesar) marched east. As dictated by tradition, Carinus' name occurs first in the inscription, and his bust occupies the most honourable position.