Watch List notes:

The Roman Empire

Licinius I, 308 – 324. Aureus, Nicomedia 320, AV 5.30 g. LICINIVS AVG OB D V FILII SVI Draped and cuirassed bust facing. Rev. IOVI CONS – LICINI AVG Jupiter seated facing on platform holding Victory on globe and sceptre; at feet, eagle with wreath. The platform is inscribed SIC X / SIC XX. In exergue, SMNΔ. C 128. RIC 41. Alföldi 262. Depeyrot 31/1. Calicó 5094.
Very rare and in an exceptional state of preservation, one of the finest specimens known.
A magnificent portrait well struck in high relief. Virtually as struck and almost Fdc

Ex Tkalec sale 24 October 2003, 412.
The facing portrait on Roman coins was an extremely rare occurrence until the reign of Constantius II, who eventually adopted the form as his standard obverse type at eastern mints. However, the form he used was simplistic in comparison to earlier attempts: the face of the emperor was small and inarticulate, with the true impact of the design being derived from the form and the ornamentation of the armoured, helmeted bust, which could be easily replicated on a large scale. By contrast, this aureus of Licinius represents an impressive attempt to capture the spirit of the emperor as an individual, not merely as a universal being. Four important issues of gold with facing busts were produced from c. 310 to c. 321. The first was by Maxentius on aurei of c. 310-312, and the second by Constantine on solidi of 316; the former was shown bare-headed and bearded, in the guise of a model Tetrarch, the latter was shown nimbate and clean-shaven, as a reflection of his unique brand of monotheism, which embraced solar worship and the Christian faith. Similarities in the style of the two issues make it possible that both were the work of the same artist, who initially worked for Maxentius, and who remained in Italy after Constantine's takeover and produced a facing-head for his new master. Following these two coinages are the solidi of c. 321 struck for Licinius I and Licinius II, and we should not doubt that they were inspired by one or both of the predecessor issues. The Licinian solidi mark a special event, the taking of imperial vows. The statue of Jupiter rests upon a monumental base inscribed SIC X SIC XX, a substitute for the usual votum, in which Licinius gives thanks for ten years of rulership and demonstrates a desire to reign for twenty. Based on this alone, the issue might be attributed to 317, when those vows were taken on the occasion of Licinius' decennalia, but a formula cleverly integrated into the obverse inscription, OB D V (ob diem quinquennalium), alludes to the quinquennalia (fifth anniversary) of his son Licinius II, for whom a companion issue of facing-head solidi was struck. Thus, we must date this aureus to c. 320/321. Equally worthy of comment is the reverse type, on which Jupiter makes one of his last appearances on Roman coinage. This can be seen as evidence of the simmering hostilities between Constantine and Licinius, who not only were co-emperors, but were brothers-in-law. Their rivalry increasingly took on a religious tone, with Constantine now favouring Christianity and Licinius embracing the supreme pagan god – partly because of his own beliefs, partly in opposition to Constantine. Licinius had initially adopted religious ambiguity in 313 as a token of good faith toward Constantine, who early in that year had issued the 'Edict of Milan' in both of their names. Here that position is rejected: the inscription describes Jupiter as the protector of Licinius, and the god is represented by an especially powerful and ancient image, seemingly derived from Phidias' famous gold and ivory statue in the Temple of Zeus at Olympia.