Watch List notes:

Tiberius, as Caesar, Ӕ "Sestertius" of Gades, Hispania. Struck under Augustus, after 12 BC. NERO, bare head to right / TI CLAVDIVS, simpulum to left. RPC I 89; ACIP 3319 (same dies as illustration); Vives 79-2. 45.53g, 37mm, 6h.

Near Very Fine. Exceedingly Rare; just one other example on CoinArchives, seemingly one of fewer than ten known specimens.

From the collection of a Romanophile;
Ex Roma Numismatics Ltd., Auction XII, 29 September 2016, lot 427 (hammer: £1,300).