Watch List notes:

Caracalla. AD 198-217. AR Denarius (19mm, 3.26 g, 6h). Rome mint. Struck AD 208. Laureate head right / PROF in exergue, Caracalla on horseback right, holding transverse spear, trampling captive to lower right. RIC IV 108; RSC 510. Good VF, lightly toned, hairline flan crack.

Ex Elwood Rafn Collection (CNG Inventory 997329, February 2015).