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When this nummus was struck circa 320 AD, the Roman Empire was heading inexorably toward a profound structural transformation. The conclusion of the First Licinian War marked the end of the geographic buffer zone in the Balkans, shifting imperial seniority, critical recruiting grounds, and vast territories from East to West. While the ceder of that conflict, Eastern Augustus Valerius Licinianus Licinius (ca. 265 – 325 AD), sought to retain his remaining sovereignty, the winner, Western Augustus Constantine, had other designs. With their territorial borders now in direct contact, the strategic friction between the co-rulers shifted inward. The theater of conflict became not only geographical, but also ideological, an expansion that would ultimately transform the course of Western civilization.
In the West, Constantine was leaning heavily into his role as the champion and patron of the Christian Church. In response, Licinius abandoned the religious neutrality he had famously co-signed in 313 AD at Milan and doubled down on traditional paganism. Recognizing the growing ranks of pro-Constantine Christians within his own borders, Licinius reverted to persecutions. The most infamous casualty of Licinius' crackdown was the Forty Martyrs of Sebaste—Roman soldiers frozen to death on an icy lake for refusing to sacrifice to the Roman pantheon.
It was during this volatile period of transition that the current nummus was produced. Remarkably, this specimen has survived in mint state with a great deal of its original silver coating beautifully intact on the surface of the billon (high-percentage copper) core beneath. Although struck in Licinius' name, the letters AQS in the exergue on the reverse place the strike at Aquileia, Italy, deep within Constantine’s territory. Because it was struck in the name of an Eastern rival by a Western mint, this issue stands as a prime example of the era's calculated bureaucratic hypocrisy, maintaining a polite facade of shared rule.
The artistry on the coin highlights a fascinating visual war of branding. In a stylistic throwback to the Tetrarchy, Licinius' laureate bust on the obverse is replete with an extremely broad neck, heavy jawline, and neatly trimmed beard, encircled by the obverse inscription IMP LICI-NIVS AVG. This stands in stark, deliberate contrast to how Constantine was depicting himself at the time. Constantine had abandoned the stubby beard of the Tetrarchs for a clean-shaven, wide-eyed look reminiscent of Augustus and Trajan, branding himself as a visionary leader for Rome’s monotheistic future. By preserving the rugged, old-school look for Licinius, the Western mints subtly cast the Eastern Augustus as a relic of the older generation—a lingering reminder of the violent, Christian-persecuting regimes of the past.
The reverse design carries equally profound messaging. It features two bound foreign captives—likely Sarmatian or Germanic barbarians—slumped at the base of an imperial standard inscribed with VOT XX (vows for a twenty-year reign), accompanied by the legend VIRTVS EXERCIT touting the army's bravery against an increasing barbarian onslaught. The motif served as a public reminder that, despite internal friction, both East and West shared a common external enemy.
While the reverse on this coin was meant to celebrate Roman military might over foreign threats, within just a few years, those very standards would be turned inward against fellow Romans. In 324 AD, using the pretext of a Gothic invasion, Constantine aggressively marched his veteran legions directly through Licinius’ Balkan territory. The Second Licinian War unfolded as a rapid, multi-theater annihilation of the Eastern regime. Constantine first shattered Licinius’ land army at the bloody Battle of Adrianople, forcing the Eastern emperor to retreat behind the massive walls of Byzantium. In a desperate, renegade bid to shift the momentum, Licinius elevated his chief of staff, Martinianus, to the rank of co-Augustus, dispatching him to secure the straits. The gambit failed catastrophically. Constantine’s eldest son, Crispus, engineered a brilliant naval victory at the Hellespont, destroying Licinius’ fleet and stranding the co-emperors. Driven across the Bosporus into Asia Minor, Licinius made his final stand at the Battle of Chrysopolis, where Constantine's forces, marching under the Christian Labarum, delivered the decisive death blow.
Defeated and entirely cornered, Licinius surrendered. Driven by a desire to permanently eliminate any vestige of the Tetrarchy or the concept of shared rule, Constantine systematically liquidated his rival's legacy. He ensured that Licinius was branded a ruthless pagan tyrant while erasing all his imperial decrees, dismantling his statues, and promptly executing his co-Augustus, Martinianus. Initially, Constantine spared Licinius’ life, heeding the tearful pleas of his sister (and Licinius' wife), Constantia. Later, however, Constantine changed his mind; he ordered the execution of his brother-in-law and his ten-year-old nephew, Licinius II, leaving no chance for any competing claims to the throne.
Coin Details: ROMAN EMPIRE, Licinius I, 308-324 AD, BI Nummus (19mm, 3.49 g, 12h), Aquileia mint, 2nd officina, struck AD 320, NGC Grade: MS★, Strike: 5/5, Surface: 5/5, Obverse: Laureate head right,IMP LICI-NIVS AVG, Reverse: Two captives seated at base of standard inscribed VOT XX; S-F//AQS, References: RIC VII Aquileia 50 var (obv legend); RIC p. 399, note, citing Dattari.
Image: Sony ɑ 7R Ⅴ camera / Sony FE 90mm f/2.8 Macro G OSS lens.