Watch List notes:

CAROLINGIANS. Charlemagne (Charles the Great). As Charles I, King of the Franks, 768-814. AR Denier (21mm, 1.71 g, 3h). As King of the Lombards, 774-814, and patricius Romanorum, 754-800. Rome mint. Struck circa 774-800. + CARLVS REX FR, Karolus monogram / + ET LANG AC PAT ROM, Roma (= RΩmA) monogram. Coupland, Charlemagne ; Depeyrot 867C (this coin referenced); M&G 308 (Ravenna); MEC 1, –, but cf. 1499 and note (for a forgery with a Ravenna monogram); Berman 12. Bright surfaces, traces of iridescence, striking stress fractures. VF. Extremely rare.

Ex Elsen 128 (12 March 2016), lot 612.

The reading of the complete legend, beginning with the obverse, is CARLVS REX FR(ancorum) ET LANG(obardum) AC PAT(ricius) ROM(anorum), meaning 'Charles, King of the Franks and Lombards, and patricius of the Romans.'