Watch List notes:

Caracalla. AD 198-217. AR Denarius (19.5mm, 3.36 g, 12h). Rome mint. Struck AD 207. Laureate and draped bust right / VIRTVS AVGG, Virtus standing left, holding Victory in right hand and inverted spear with left. RIC IV 149; RSC 665a. Lightly toned, a few light scratches and marks. Near EF.

From the Jack A. Frazer Collection. Ex Kovacs MBS III (23 October 1981), lot 278.