Watch List notes:

Octavian as Augustus, 27 BC – 14 AD. Denarius, Emerita circa 25-23 BC, AR 3.56 g. IMP CAESAR – AVGVST Bare head r. Rev. P CARISIVS – LEG PRO PR Circular city-wall with EMERITA inscribed above gate. C 397. BMC 289. RIC 9a. CBN 1036.
Very rare and in exceptional condition for this difficult issue, undoubtedly
among the finest specimens known. Unusually well struck and
complete, lovely old cabinet tone and extremely fine

Privately purchased from Aureo & Calicó.