Watch List notes:

Licinius II, 319-320. Follis (Bronze, 19 mm, 2.90 g, 1 h), Siscia, 319-320. LICINIVS IVN NOB C Laureate, draped and cuirassed bust of Licinius II to right. Rev. VICT LAETAE PRINC PERP /ΔSIS* Two Victories standing facing each other, holding, between them, a shield inscribed VOT/PR resting on an altar inscribed S. RIC 98. Expressive portrait and with a nice black patina. Good very fine.

From the Orca collection, USA.