Watch List notes:

Licinius II. Caesar, AD 317-324. Æ Follis (20mm, 3.24 g, 12h). Heraclea mint, 3rd officina. Struck AD 321-324. Helmeted and cuirassed bust left, holding spear and shield / Jupiter standing facing, head left, holding Victory on globe and scepter; at feet to left, eagle standing left, head right, holding wreath in beak; to right, bound captive seated right; –/(X/IIΓ)//SMHΓ. RIC VII 54. In NGC encapsulation graded AU, Strike 4/5, Surface 4/5.

Ex Elliot-Kent Collection.