Watch List notes:

Licinius I, 308-324. Follis (Bronze, 19 mm, 4.08 g, 12 h), Thessalonika, 1st officina, 320. IMP L-ICINIVS AVG Helmeted and cuirassed bust of Licinius to right. Rev. VIRTVS EXERCIT / S F/ •TS•A Two captives seated at base of banner inscribed VOT XX. RIC 76. A clear, well struck patina with some original silvering and fine details. Good extremely fine.