Maximianus, first reign, 286-305. Aureus (Gold, 19 mm, 5.22 g, 6 h), Aquileia, 303. MAXIMIANVS - AVGVSTVS Laureate head of Maximianus to right. Rev. XX / MAXI/MIAN/I AVG / SMAQ within laurel wreath. Calicó 4766. Depeyrot 4/4 corr. (obverse legend break). Paolucci & Zub 26. RIC 13. Extremely rare. An exceptional piece, boldly struck, lustrous, and with a remarkably attractive portrait. A few tiny marks on the obverse, otherwise, good extremely fine.


On 20 November 303, Diocletian and Maximianus celebrated their vicennalia, the twentieth anniversary of their accession to power. An important milestone in their careers, the event was prominently panegyrized throughout the empire on coins such as this beautiful aureus, and in imperial architecture such as the Five-Columns Monument on the Forum Romanum in Rome. It was likely also on this occasion that Diocletian made Maximianus promise to retire with him as part of the senior Augustus' new tetrarchic system, which intended to replace the two Augusti with the two Caesares every twenty years to avoid civil wars and dynastic rule. Maximianus complied, albeit apparently grudgingly, and withdrew from power together with Diocletian on 1 May 305, passing the torch to Galerius and Constantius I, respectively. With the latter's early death in summer 306 and the subsequent proclamation of his son Constantine to Augustus, however, Diocletian's tetrarchic system faced an early crisis, and while the young, ambitious son of Constantius I was reined in to some degree thereafter, he would eventually become the sole Augustus after his final victory over Licinius I in 324.