Watch List notes:

The Roman Empire

Hadrian, 117 – 138. Aureus 117, AV 7.20 g. IMP CAES TRAIAN HADRIANO AVG G D PART Laureate and cuirassed bust of Hadrian r., with drapery on l. shoulder. Rev. DIVO TRAIANO – PATRI AVG Laureate, draped and cuirassed bust of Trajan r. C 2. BMC 44. RIC 24a. Calicó 1412 (these dies).
Very rare and possibly the finest specimen known. Two superb portraits perfectly
struck and centred on a full flan. Virtually as struck and almost Fdc

Ex M&M 43, 1970, 337 and Leu 87, 2003, Perfectionist 23 sales.
Early in his reign Hadrian struck a variety of coins that testified to his legitimacy as Rome's new emperor. His most direct link to legitimacy was his adoption by Trajan, and on this rare aureus he has on the obverse his own portrait, and on the reverse that of the deified Trajan, whom he describes as his father. The first aureus struck by Hadrian that featured a portrait of Trajan on the reverse is attributed to 117 (see NAC 24, 2002, lot 80) when Hadrian held the rank of Caesar; it does not describe Trajan as deified and it must have been struck shortly before Trajan died. Unlike that first aureus, this one was struck after Hadrian's regime had been firmly established, thanks to the support (or possible foul play) of Trajan's widow Plotina, who for many years had been a supporter of Hadrian.