Very nice coin, in EF- -condition, conserving full details on both sides and bold reliefs. 
Desert patina.
Roman empire. 
Licinius I (308-324)
Bronze Follis 18.8mm (2.82 grams) Thessalonica mint, struck 312-313 A.D.
Reference: RIC V 28
Mint Alexandria
IMP LIC LICINIVS P F AVG, Laureate, draped and cuirassed bust right
IOVI CONSERVATORI AVG G N N / •TS•A•, Jupiter, chlamys over shoulder, leaning on scepter, holding Victory on globe; eagle with wreath left.
 
The Legacy of Licinius I: A Coin of Turbulent Times
 
This ancient coin, minted during the reign of Licinius I (308–324 AD), is a tangible relic of a tumultuous era in Roman history. Licinius, born into a modest Dacian peasant family in Moesia Superior around 263 AD, rose to prominence as a trusted ally of Emperor Galerius. Elevated to the rank of Augustus in 308, Licinius commanded the western provinces of Illyricum, Thrace, and Pannonia, playing a central role in the shifting power dynamics of the Tetrarchy.
 
The coin reflects Licinius’s dual identity as both a champion of imperial stability and a man of complex alliances and rivalries. Struck during his tenure, it bears symbols of power and authority, commemorating his victories, including the decisive defeat of Maximinus Daia at the Battle of Tzirallum in 313 AD. This victory not only secured Licinius's position but also paved the way for his historic partnership with Constantine I in the issuance of the Edict of Milan, granting religious tolerance to Christians.
 
On the obverse, the coin typically features the laureate bust of Licinius, adorned with titles such as "Imperator" or "Augustus," symbolizing his legitimacy and rule over vast territories. The reverse often depicts Roman deities or allegorical figures, emphasizing themes of victory, unity, and divine favor. These motifs reflect Licinius’s attempts to project strength while navigating a precarious political landscape.
 
The coin also embodies the darker chapters of Licinius’s reign. Despite his alignment with Constantine, tensions eventually led to a series of civil wars. Licinius’s defeats at the Battles of Adrianople and Chrysopolis in 324 marked the end of his reign. Constantine’s propaganda later branded Licinius as a pagan despot, erasing much of his legacy and condemning him to a narrative of infamy.
 
Nevertheless, evidence from coins like this challenges such portrayals, revealing a ruler who embraced Christianity alongside his devout wife, Flavia Julia Constantia. The coin’s Christian iconography—such as the Chi-Rho or references to divine favor—suggests Licinius’s nuanced engagement with the faith during a pivotal moment in Roman history.
 
This coin, therefore, is more than a piece of currency. It is a window into an emperor’s struggle for power, his contributions to religious reform, and the complexities of his legacy. It stands as a testament to the interplay of faith, politics, and ambition that defined the late Roman Empire.