Watch List notes:

Honorius (393-423). AV Solidus, Sirmium mint (?). Obv. DN HONORIVS PF AVG. Pearl-diademed, draped and cuirassed bust right. Rev. VICTORIA AVGGG Є. Emperor standing right, holding standard and Victory on globe, treading on captive seated left; S-M across fields; COMOB in exergue. RIC X 2 (R3); Depeyrot 34/3. AV. 4.44 g. 20.50 mm. RRR. Very rare. An outstanding example, from fresh, masterly engraved and exceptionally detailed dies. Almost invisible edge nick on reverse, otherwise about FDC. ���

About the controversial explanation of S-M (Selymbria, Sirmium or Sacra Moneta) and the attribution of this issue to the mints of Selymbria, Sirmium or Constantinople, cfr. P. Grierson, LRC pp. 119-20 e 196.