Septimius Severus, 193-211. Denarius (Silver, 19 mm, 3.48 g, 5 h), Laodicea ad Mare (?), 198-202. L SEPT SEV AVG IMP XI PART MAX Laureate head of Septimius Severus to right. Rev. VICT P[ARTHIC]AE Victory advancing left, holding wreath in her right hand and trophy in her left; at her feet, Parthian captive seated left, head to right. BMC 672. Cohen 741. RIC 514. Nicely toned and with a highly interesting Kraay-overstrike. Light doubling on the obverse and the reverse 180° double struck, otherwise, good very fine.

The inverted undertype on the reverse indicates that this piece was overstruck at a 180° angle on a denarius of the same type, though not from the same die. This suggests that two reverse dies of identical type were used in alternation to expedite the minting process. It is likely that at least four workers were involved: two alternating with different reverse dies of the same type, one placing the flans into the obverse die, and one striking with the hammer. The rapid succession of strikes resulted in this coin being struck twice - by both reverse dies - at an exact 180° rotation (the so-called 'Kraay-effect')