Watch List notes:

Septimius Severus, 193-211. Sestertius (Orichalcum, 33 mm, 32.64 g, 5 h), Rome, 196-197. L SEPT SEV PERT AVG IMP VIIII Laureate head of Septimius Severius to right. Rev. MVNIFICENTIA AVG / S C Elephant walking to right. Banti 76. BMC -, but see p. 153, note *. Cohen 352. RIC 737. For the same reverse die, see CNG eSale 329, 2014, 480. Extremely rare. Attractive dark brown-green patina. Somewhat smoothed in cleaning, otherwise, extremely fine.
From a collection in Germany.