Watch List notes:

Honorius (393-423). AV Solidus, Sirmium mint. Obv. DN HONORIVS PF AVG. Pearl-diademed, draped and cuirassed bust right. Rev. VICTORIA AVGGG Є. Emperor standing right, holding standard and Victory on globe, treading on captive seated left; S-M across fields; COMOB in exergue. RIC 2 (R3). Depeyrot 34/3. AV. g. 4.44 mm. 20.50 RRR. About FDC.

Very rare. An outstanding example, from fresh, masterly engraved and exceptionally detailed dies. Virtually as struck.