Watch List notes:

Licinius II, as Caesar, BI Nummus. Treveri, AD 320-321. LICINIVS IVN NOB C, radiate, draped and cuirassed bust to right / VIRTVS EXERCIT, standard inscribed VOT XX in two lines, flanked by two captives seated on ground; T-F across fields, STR in exergue. RIC VII 299. 2.50g, 20mm, 12h.

Very Fine. Very Rare; rated R4 in RIC.

From the Terner Collection;
Acquired from Freeman & Sear.