Watch List notes:

The Roman Empire

Theodosius I, 379 – 395. Semissis, Mediolanum 384-385, AV 2.20 g. D N THEODO – SIVS P F AVG Pearl-diademed, draped and cuirassed bust r. Rev. VICTORIA AVGVSTORVM Victory seated r. on cuirass, holding shield on which she is writing VOT / X / MVLT / XV; behind cuirass, shield and in lower r. field, Christogram. In exergue, MDOB. C -. RIC –. Depeyrot 7/7.
Of the highest rarity, apparently only the second specimen known.
Several marks in field and on edge, otherwise very fine

Ex Rauch sale 92, 2013, 1485.