Watch List notes:

Antoninus Pius, 138-161. As (Copper, 28 mm, 10.03 g, 6 h), Rome, 148-149. ANTONINVS AVG PIVS TR P XII Laureate head of Antoninus Pius to right. Rev. MVNIFICENTIA AVG / COS IIII / S C Elephant advancing to left. Cf. BMC 1840 (elephant to right). Cohen 564. RIC 863. Green patina. Scarce with elephant to left. Some smoothing and tooling, otherwise, very fine.

From a European collection.

The reverse most probably refers to games staged in honour of the emperor's decennalia celebrations.