AR Light Miliarensis (Siscia, 25-26mm, 4.72g) - DN GRATIANVS PF AVG Pearl-diademed, draped and cuirassed bust right / VOTIS XV MVLTIS XX in four lines within laurel wreath (.SISCP in ex.) (cf. S. 19946 (heavy var.) / cf. RIC 16b / cf. RSC 83b) – XF, a beautifully toned example with a portrait of fine style and in extremely fine condition. Extremely rare, apparently unpublished and unique, a coin of great interest and importance. The miliarense denomination was introduced by Constantine as part of his monetary reforms. The miliarense was a large silver coin, struck on two standards, light and heavy, eighteen light miliarensia or fourteen heavy miliarensia equalled one gold solidus. It was struck with variable fineness, generally with a weight between 3.8 and 6.0 grams, and a diameter of c. 23–24 mm. Miliarensia are highly desired by numismatists of the present day, due to both the rarity of the denomination (far less common than the siliqua) and the often exquisite execution of both bust and reverse types, which led to many being used as pendants or mounted in antiquity. A variant of the original denomination was revived in the Byzantine silver coinage from the 8th to the 11th centuries as the miliaresion. This extraordinary miliarense was examinated by the Coin cabinet of the Royal Library in Brussels and the British Museum in the 80’s. The conclusion was that this miliarense is unpublished, probably unique and of great interest and importance.