Licinius I, AE Follis. Ticinum, AD 319-320. 20 mm, 3 g.

Obv: IMP LI-CINIVS AVG, helmeted, cuirassed bust right 
Rev: VIRTVS-EXERCIT, two bound captives seated left and right of standard with VOT XX on banner. 

Mintmark: ST, RIC VII Ticinum 116.

With permission of Numismatik Naumann auction 86, Lot 653, Feb. 2020.