Watch List notes:

The Roman Empire

Trajan, 98 – 117. Aureus 102, AV 5.85 g. IMP CAES NERVA TRA – IAN AVG GERM Laureate bust r., wearing aegis. Rev. P M T – R P COS IIII P P Emperor on horseback l., raising r. hand; below fallen enemy raising arm. C –. BMC –. RIC –. Woytek –, cf. 119 (denarius but without aegis). Calicó –. cf. Künker sale 318, 2019, 1176.
Apparently unrecorded, only the second and by far the finest
specimen known. Good very fine
This dramatic and apparently unpublished gold aureus belongs to a large coin series devoted to advertising Trajan's victories in his two great Dacian Wars (AD 101-102 and 105-107). As the imperial titulature on this piece dates it to AD 102, this coin was probably struck for distribution as largesse or as a military donative on the occasion of Trajan's triumph in the First Dacian War. This conflict came about due to problems left over from the reign of Domitian (AD 81-96). During Domitian's reign, several campaigns failed to conquer the Dacians and their king Decebalus. Instead the Emperor bought a shameful peace by paying an annual tribute of 8 million sestertii to the Dacian king. Trajan, who had been an important military commander before he was acclaimed emperor in AD 98, was unwilling to let this situation stand and invaded Dacia in AD 101. After much hard fighting, Decebalus was defeated and forced to seek peace terms from the Emperor. Trajan stripped him of his territories along the Danube and forced him to raze the walls of his fortresses, but left Decebalus on his throne. The reverse of this aureus seems to represent the conclusion of the First Dacian War. Trajan in his role as military commander advances on horseback while a fallen Dacian kneels before him. However, unlike many other depictions, Trajan is not charging with couched spear to kill the Dacian. Instead the Emperor raises his hand in greeting and the Dacian does the same. Such a peaceable scene implies that the Dacian should be understood as Decebalus himself, surrendering and begging for the terms to end the war. This representation of the settlement of the conflict contrasts a little with Trajan's portrait on the obverse. The use of the aegis invites comparison with Alexander the Great, who was also associated with this divine attribute, and casts Trajan as the victorious conqueror. Unfortunately, the victory and peace settlement celebrated by this coin were not permanent. Decebalus was soon inciting rebellion among the Dacians and raiding Roman settlements, causing Trajan to embark upon the Second Dacian War in AD 105. This was a much bloodier affair than the First Dacian War, but at last the Dacians were crushed. The unfaithful Decebalus tried to escape capture, but when the Romans began to close in on him he committed suicide. His corpse was decapitated and the head sent to Rome where it was cast down the Gemonian steps-a traditional place of execution for the faithless and treasonous.