Watch List notes:

Licinius I, 308-324. Follis (Bronze, 19 mm, 2.71 g, 12 h), Arles, 321. IMP LICI-NIVS AVG Laureate head of Licinius to right. Rev. D N LICINI AVGVSTI around wreath containing VOT XX; below, S A. RIC 229. Well struck and sharp, with original silvering remaining. Nearly extremely fine.