Watch List notes:

Gratian. AD 367-383. Æ (27mm, 5.04 g, 12h). Cyzicus mint, 4th officina. Struck AD 383. Helmeted, pearl-diademed, draped, and cuirassed bust right, holding spear forward and shield / Gratian, raising hand and looking right, standing left on galley; to right, Victory standing left; (wreath)/-//SMKΔ. RIC IX 14a var. (officina not listed); LRBC 2548. Brown patina. Near EF.

From the Jack A. Frazer Collection. Ex Tony Hardy Collection (Classical Numismatic Group 67, 22 September 2004), lot 1798.