Watch List notes:

Caracalla. AD 198-217. AV Aureus (19.5mm, 7.49 g, 5h). Rome mint. Struck AD 199. IMP CAES M AVR ANTONINVS AVG, laureate, draped, and cuirassed bust right / PONTI FEX TR P II, Caracalla, laureate, in military dress, cloak hanging over left shoulder, standing left, holding Victory on globe in extended right hand and reversed, vertical spear in left; to left, captive, wearing peaked cap and long robe, seated left on ground, propping head on right hand; to far left, quiver of arrows. RIC IV 27b; Calicó 2773 (same obv. die as illustration); BMCRE 152 (Septimius and Caracalla, same obv. die); Adda –; Biaggi 1203 (same obv. die); Jameson –; Mazzini –. In NGC encapsulation 4280669-002, graded Gem MS, Strike: 5/5, Surface: 5/5, Fine Style. Rare. Portrait of artistic merit.

From the Grand Haven Collection. Ex Palombo 16 (21 October 2017), lot 54 (hammer CHF 50,000); MDC Monaco 1 (2 December 2016), lot 107; Triton XIX (5 January 2016), lot 597.