Watch List notes:

Licinius I (308-324). AE Follis, Heraclea mint. Obv. IMP C VAL LICIN LICINIVS PF AVG. Laureate head right. Rev. IOVI CONSERVATORI AVGG. Jupiter standing left, leaning on sceptre, holding Victory on globe; eagle holding wreath to left, on ground; in right field, Δ; in exergue, SMHT. RIC 6 (R3). AE. g. 3.38 mm. 23.00 RRR. Very rare. A superb example, from a masterly engraved and exceptionally detailed reverse die. Almost fully silvered, with emerald green highlights. Good VF.