Hadrian, 117-138. Sestertius (Orichalcum, 33 mm, 26.00 g, 6 h), Rome, circa 130-133. HADRIANVS AVG COS III P P Laureate and draped bust of Hadrian to right, seen from behind. Rev. EXERCITVS - RAETICVS / S C Hadrian in military attire on horseback right, rising his right hand in salute and addressing three soldiers standing left before him, the first holding an aquila, the others vexilla. BMC 1684. Cohen 579. RIC 1952. Very rare and undoubtedly among the finest known. In exceptional condition for this highly important issue, boldly struck on a full flan and with a wonderful reverse. Somewhat smoothed, otherwise, extremely fine.

The traveling emperor Hadrian spent much of his reign visiting the many provinces of the Roman Empire. Mapping his extensive journeys has long been a challenging area of research, and numerous historians and numismatists have attempted to reconcile the historiographical and numismatic evidence. Many of the emperor’s provincial visits were commemorated through extensive coin series, most of which feature personifications of the provinces. Other series depict Hadrian addressing various provincial armies in scenes of adlocutio. Among these, the issues honoring the Raetian army - alongside those for the troops in Britain - have long been among the most sought-after. On our exceptionally well-preserved specimen, Hadrian is seen on horseback, his sword at his side, raising his right hand in the traditional gesture of address. Before him stand three soldiers: one holding a legionary eagle (aquila), while the others carry military standards (vexilla). This is a classic adlocutio scene, representing an imperial speech to the troops, a tradition dating back to antiquity, often delivered before battle. Beyond emphasizing the empire’s military strength, such scenes also underscore the close bond between the princeps and the exercitus - a relationship that had formed the foundation of imperial power since the reign of Augustus. The province of Raetia encompassed the northern Alpine foreland, stretching from the Ticino Alps, Graubünden, and northern Tyrol in the south to the Black Forest, the Danube, and the Inn River in the north and east. Its name derives from the Raeti, an Alpine people linguistically and culturally linked to the Etruscans, though their historical settlement areas did not always align with the later provincial borders. Important Roman cities in Raetia included Curia (modern Chur), Brigantium (Bregenz), Augusta Vindelicorum (Augsburg), and Castra Regina (Regensburg), a major legionary fortress established under Marcus Aurelius at the northernmost point of the Upper Danube. The legacy of the province endures in the name of the Rhaeto-Romance language, one of Switzerland’s four national languages. Hadrian most likely visited Raetia during his first major journey, which took him to the empire’s northern frontier along the Rhine and Danube from 121 onward. Several construction projects undertaken during this period attest to his efforts to reinforce the limes in Upper Germany and Raetia, with the aim of creating a continuous and visible imperial boundary. By 122, the emperor had crossed into Britain, where he initiated the construction of Hadrian’s Wall. Given these rich historical connections, our exceptionally well preserved sestertius stands as a remarkable historical artifact. Undoubtedly among the finest known examples of this type, it captivates with its striking portrait, sharp strike, and the outstanding detail of its reverse depiction