Watch List notes:

Seleukid Kingdom. Seleukos I Nikator. Silver Tetradrachm (17.04 g), 312-281 BC. Susa, ca. 305/4-295 BC. Head of hero right (assimilating Seleukos I, Alexander the Great and Dionysos), wearing helmet covered with panther's skin and adorned with bull's horns and ears. Reverse: BAΣIΛEΩΣ ΣEΛEYKOY, Nike standing right, crowning trophy with wreath; below left wing, M; in field between Nike and trophy, AΧ. SC 173.14; ESM 420; HGC 9, 20. Rare. An area of flatness on the reverse rim at 6:30. Very Fine. Estimated Value $2,500 - UP
It is readily apparent that the reverse design of this coin showing Nike placing a wreath upon a trophy she has erected commemorates Seleukos' recent victories in the Upper Satrapies and his assumption of the royal title in 305 BC. What is less certain is the identification of the head on the obverse. Hadley argues for an assimilation of Alexander the Great with Dionysos, while Hoover sees a portrait of Seleukos himself, with the divine attributes of Dionysos. For full discussion, see R. A. Hadley, "Seleucus, Dionysus, or Alexander?" NC 1974, pp. 9-13, and Oliver D. Hoover, "The identity of the helmeted head on the 'Victory' coinage of Susa," SNR 81, 2002, pp. 51-60.
Peter Corcoran Collection, Ex Gorny & Mosch 236 (7 March 2016), 281.