Watch List notes:

Licinius I, with Licinius II, Caesar. AD 308-324. Æ Follis (21.5mm, 3.91 g, 12h). Heraclea mint, uncertain officina. Struck AD 320-321. Laureate and draped busts of Licinius I and Licinius II vis-à-vis, holding between them a trophy with two shields / Jupiter standing left, holding scepter; to left, two captives seated on either side of trophy; SMHT[...]. RIC VII 50. Dark brown patina, roughness. Fine. Very rare.

From the Conti Collection.