Watch List notes:

Caracalla, 198-217. Denarius (Silver, 19 mm, 3.55 g, 6 h), Rome, 201. ANTONINVS PIVS AVG Laureate and draped beardless young bust of Caracalla to right. Rev. PART MAX PON TR P IIII Two captives seated flanking base of trophy. BMC 262. Cohen 175. RIC 54b. Bold portrait. Good very fine.
From an old South-German collection.