Watch List notes:

The Roman Empire

Maximian Herculius first reign, 286 – 305. Aureus, Siscia 286, AV 5.89 g. VIRTVS MAXI – MIANI AVG Laureate and cuirassed bust r., holding a spear in his r. hand and two more in his l. Rev. VIRTVS AVGVSTORVM Hercules standing r., holding club, lion's skin and bow. C –. RIC –. Depeyrot 1/17. Hurter 498 (this coin). Calicó 4745 (this coin).
Extremely rare, only five specimens known. A spectacular portrait in the finest style
of the period, an insignificant scuff on reverse and two minor marks on edge,
otherwise virtually as struck and almost Fdc

Ex Leu 18, 1977, 386 and Leu 97, 2006, European Scholar, 87 sales.
Although the precise year that this impressive aureus was struck is uncertain, based on stylistic grounds it is quite easy to identify the mint as Siscia and the period to circa AD 285-295. The figure of Hercules on the reverse seems to be closely related to the depiction of Hercules on RIC 572 and 573 – that is, if the peculiar description there of Hercules' bow and lion's skin resting on a rock is indeed accurate (if the description is in error and we remove the rock, then the reverse here is identical). The obverse design, however, is entirely unique for the mint of both Diocletian and Maximianus, although a few other interesting obverse designs do exist (for example, see RIC 247, an aureus of Diocletian with helmeted bust left, holding spear and shield; and RIC 579, an antoninianus of Maximianus with radiate but right, holding spear and shield).
The portrait of Maximianus here is quite impressive, which is further enhanced by the wonderfully centered strike and strong, crisp details. The emperor's demeanor is somewhat pensive with his gaze slightly raised, yet the broad shoulders, close-cropped haircut and neatly trimmed beard give a forceful appearance suggesting an iron will. In his right hand, the emperor holds a short sceptre, and in his left two spears or javelins. The legend form VIRTVS MAXIMIANI AVG, which declares Maximianus as brave, although straying from the ordinary is certainly not without precedent. In fact, most of the emperors since Tacitus employed it, including both the usurpers Carausius and Allectus as well as Maximianus himself on other issues.
A cornerstone of the Tetrarchy that Diocletian created in A.D. 293 was a division of religious houses of affiliation, one for each of the augusti and their respective caesars. Diocletian and Galerius belonged to the Jovian house, while Maximianus and Constantius I belonged to the house of Hercules. Promoting this concept is the figure of Hercules on the reverse, shown standing facing to the right, resting his right hand atop the handle of his club, which is grounded, and in his left hand he holds his bow. Over his left forearm is draped the pelt of the Nemean lion. The legend, VIRTVS AVGVSTORVM, similar to the obverse which promotes just Maximianus, proclaims the bravery of all the tetrarchs.