Licinius I, AE follis, Arles. AD 317. 19.5 mm, 3.45 g. 

IMP LICINIVS PF AVG, laureate, cuirassed bust right. 
IOVI CONSERVATORI, Jupiter standing left, chlamys across left shoulder, holding thunderbolt and sceptre.

R-S across fields. 
Mintmark TARL. 

Delos hoard 273 in JIAN 1910. RIC VII Arles 123 var (bust type, note in RIC)

Rare, rated R5.

With permission of cgb.fr Mail Bid Sale 49, Lot 787, June 2011.