Constantine I (Struck under Licinius I) | AE Radiate Half Nummus Reference: RIC VII 43 Date: 321-324 CE Obverse: IMP C FL VAL CONSTANTINVS P F AVG: Bust of Constantine I, radiate, draped, cuirassed, right Reverse: IOVI CONSERVATORI: Jupiter, nude, chlamys draped across left shoulder, standing left, holding Victory on globe in right hand and leaning on eagle-tipped sceptre with left hand; to left, eagle holding wreath; to right, captive. X/IIΓ (value mark) in right field and SMNΓ in exergue Mint: Nicomedia Size: 19.2 mm Weight: 2.32 grams LICINIUS REFORM DENOMINATION. This reform is covered in Coinage in the Roman Economy by Kenneth Harl: " Two other fragmentary letters from the same archive (PSI 965 and P. Oslo III. 83) allude to the same reform. In 321 Licinius (308-324) reduced the silver content of his nummus (2.40 gs) and halved its official tariffing to 12.5 denarii communes. Eastern mints marked the reverses of the nummi with the value mark. The official rate of exchange was probably 1 aureus = 516 nummi sparked off a new wave of price rises until Constantine (306-337) reunited the empire and demonetized the Licinian nummus in 324 CE." THESE COINS ARE RARE FEATURING CONSTANTINE. The term denarii communes does not refer to an actual coinage denomination but to a unit of accounting that is made evident to us in Diocletian's Maximum Price Edict. The value mark is found on the reverse of the coin: X/II . The last symbol which appears to be a gamma is actually an episemon. When it comes to inscriptions, the episemon stands for S(emis), which literally means half. Thus the value mark reads 12.5. As described by Roman numismatist and LRB expert, Victor Clark, "The (radiate) IOVI coins were issued as part of a coin reform by Licinius in his territories (mints of Heraclea, Nicomedia, Cyzicus, Antioch, and Alexandria) and were reduced in value from 25 [denarii communes] to 12 and a half [denarii communes] . The coins were worth less because they had little or no silver. He struck these in the names of all the rulers but these coins had no value outside his territory." Two other fragmentary letters from the same archive (PSI 965 and P. Oslo III. 83) allude to the same reform. In 321 Licinius (308-324) reduced the silver content of his nummus (2.40 gs) and halved its official tariffing to 12.5 d.c. Eastern mints marked the reverses of the nummi with the value mark. The official rate of exchange was probably 1 aureus = 516 nummi sparked off a new wave of price rises until Constantine (306-337) reunited the empire and demonetized the Licinian nummus in 324. (Cited from: https://www.cointalk.com/threads/question-about-constantine-half-nummus.286090/)Policies I apply the highest ethical standards in selling ancient coins. All coins are guaranteed to be genuine and any item found to be otherwise may be returned for a full refund. The most important thing is that you are happy with your new coin(s)! All coins are shipped in PVC-free, archival-grade coin flips and inserts made of acid-free paper Domestic (USA) shipping only If you purchase multiple items please message me before you pay and I will combine the shipping for you. I accept all returns within 30 calendar days upon receipt of the item. No explanation is required for the return, but it would be appreciated. Any item which has been altered from its original state may not be returned. Don't see what you're looking for? Just shoot me a message, I might have it but haven't gotten around to listing it!