Watch List notes:

Licinius I. A.D. 308-324. AE reduced follis (17.8 mm, 3.03 g, 6 h). Arles mint, struck A.D. 319. IMP LICINIVS AVG, laureate and cuirassed bust of Licinius I right / IOVI CONSERVATORI AVG, Jupiter, holding scepter and thunderbolt, riding eagle right; TARL in exergue. RIC 196. VF, black patina with red highlights. Scarce.

Ex Agora Auctions.