Watch List notes:

Gratian. AD 367-383. AR Heavy Miliarense (25.5mm, 4.65 g, 12h). Constantinople mint. Struck AD 367-375. DN GRATIA NVS P F AVG, pearl-diademed, draped, and cuirassed bust right / VICTORIA D N AVG, Victory standing left, holding wreath in right hand and staff surmounted by shield inscribed VOT/ V/ MVLT/ X; to left and right, seated captive; (christogram)|-//(palm)CONS(wreath). Cf. RIC IX 31 (for a similar issue of Valentian I); cf. RSC 53B (same). Deeply toned, find patina, small flan crack. Near EF. Extremely rare.