Watch List notes:

The Roman Empire

Hadrian, 117 – 138. Sestertius 134-138, Æ 26.66 g. HADRIANVS – AVG COS III P P Bareheaded and draped bust r. Rev. EXERCITVS Hadrian on horseback r., haranguing three soldiers, of which the first holds an aquila and the other two, standards. In exergue, DACICVS / S C. C 571. BMC p. 499, 1675 note. RIC 915.
Very rare and in exceptional condition for the issue. An historically and important
issue, a bold portrait and a superb reverse composition. Wonderful and
almost intact green patina. Extremely fine / good extremely fine

Ex Sternberg XIV, 1984, 326; NAC 9, 1996, 867 and NAC 18, 2000, 528 sales.
This reverse of this sestertius depicts the emperor addressing the troops (adlocutio in Latin), which he did on important occasions and which finds it numismatic expression since the time of the Julio-Claudian dynasty. While on early adlocutio scenes the troops in question are often the Praetorian Guard whose support was necessary for the stable reign of an emperor, here Hadrian is shown speaking to the Dacian Army, as is indicated by the legend the exercitus dacicus and represented by three standard bearers. The one closest to the emperor is the aquilifer who carries the legionary eagle (aquila), followed by the vexillarius who carries a standard topped with a banner (vexillum), and behind him a signifer who carries a standard adorned with metal disks (the signum). While aquilifers and vexillarii marched as the focal point for entire legions, the signifer marched before the individual cohorts that composed the legion.
Dated to the period AD 134-138, the adlocutio represented on this coin must indicate an otherwise undocumented visit to the Dacian limes (frontier forts) or, at the least, an intended visit at this time. As such, it may be included as an adjunct to Hadrian's much-beloved travel series of coins depicting the provinces and cities he visited on his several tours throughout the empire. Earlier in his reign, Hadrian had reorganized the Dacian territories so recently conquered by his predecessor, Trajan, giving up to the Roxolani Sarmatians to rule as a client kingdom on behalf of Rome much of the Dacian territory that had been added to Moesia Inferior. Trajan's sweeping conquests along the Danube frontier as well as in the East had greatly extended Rome's borders, but Hadrian correctly saw the impractical nature of the additional strain this imposed on the Empire and quickly shored them.