Galerius appointed Valerius Licinianus Licinius I as Augustus in AD 308. Licinius replaced Severus II to regain control of Italy, while Constantine ruled in the East. After the death of Galerius and the defeat of Maximinus Daia in AD 313, Licinius took control of the East. In AD 314 the alliance between Licinius and Constantine ended and Licinius appointed Valerius Valens as co-emperor. In a war settlement Licinius lost control of the Balkans, and in AD 317, to show concord between the emperors, three new Caesars were appointed: Licinius II, Crispus and Constantine II. During the final struggle with Constantine in AD 324 Licinius appointed Martinian as his co-ruler. They were defeated at Chrysopolis. Licinius surrendered, was exiled to Thessalonica and executed in AD 325.

The follis above was minted before AD 316 and the obverse displays the typical block-relief portraiture of the period of the tetrarchy. The emperor's features are abstract, the head is virtually two dimensional, with a flat display of a large eye, hair and beard edged, presenting a block-like profile. The depiction covers nearly the whole surface of the coin. The main reverse type for Licinius on bronze coins is that of Jupiter Conservator.

Obv. Licinius I facing right, laureate, IMP. C. VAL. LICIN. LICINIVS. P. F. AVG.
Rev. Jupiter standing left, holding Victory, eagle at feet, IOVI CONSERVATORI AVGG., wreath, A III, in exergue ANT (not shown).