This is yet another uncatalogued variety struck during the war between Licinius and Maximinus II.

Coins with mintmark HTA through HT-Δ were issued with wreath in field in 312, anticipating Licinius' 5-year anniversary. Later in 312, SM was added to HT in ex, wth the officina mark in the field, indicating that Licinius and his treasury had taken up residence at Heraclea, in anticipation of the coming battle with Maximinus II. This coin has a transitional mintmark, the same exergual markings of group (ii) but with the SM added — struck presumably towards the end of officina Δ when Licinius arrived, before the the mint marks were reorganized for the next issue.

[The obverse of this coin was unfortunately damaged when someone tried to clean the coin with electrolysis and ate into the patina badly. Would be a really nice coin otherwise...]

This is yet another uncatalogued variety struck during the war between Licinius and Maximinus II.

The "SM" in the clearly legible mint mark situates this coin pretty clearly in the series iv follii struck by Licinius at Heraclea, but the other reverse elements and legend are way out of place: the Licinian issues feature the eagle and wreath prominently, commemorating Licinius' 5-year anniversary. The reverse elements and layout, as well as the style (especially the distinctive style of the robe) exactly match the Maximinus issues from Nicomedia (see RIC VI Nic 79), so it seems fair to surmise that this was struck in Heraclea after Maximinus II took control of the mint. RIC lists three coin types struck by Maximinus after taking control of the mint: GENIO AVGVSTI, HERCVLI VICTORI, and SOLI INVICTO [RIC 76-78]. The IOVI CONSERVATORI was the fourth major type struck by Maximinus at Nicomedia, so it would not be surprising to have had it been struck at Heraclea also—evidenced by this coin—so that the set of types from Heraclea matches those struck at Nicomedia at the same time.

While Constantine would make the campgate motif ubiquitous within a couple of years on the 20mm bronze coins, this series from Licinius—struck only in Heraclea—actually is where it began. Since Constantine defeated and desposed Licinius before his own campgate coins were issued, these coins from Heraclea are the only campgates struck in Licinius' name.

This is, interestingly, the only bronze coin struck by Licinius that doesn't use the otherwise-uibiquitous Jupiter reverse that characterizes all his other bronze coins. This was struck at a sensitive time for Licinius; in 316 Heraclea was the only European mint still in his control, Thessalonica and Siscia being controlled by Constantine after their just-concluded war. The reverse of this coin, with the AVGG legend, implies two Augusti; yet this issue was, extraordinarily, only struck in Licinius' name, not including Constantine, Licinius II, nor his erstwhile co-Augustus, Valens, as negotiations with Constantine were presumably still ongoing. The next issues from this mint do include Constantine and the new caesars, but this single issue testifies to the delicate political situation in Heraclea c. 316.