Æ29 - Caracalla ΝΙΚΑΙΕΩΝ

Nicaea was among the most prolific civic minting authorities in Bithynia under the Severan dynasty, issuing bronze coinage continuously through Caracalla's reign — a period during which the city was engaged in a long-running rivalry with neighboring Nicomedia over which held the title of "first city" of the province. That competition drove both cities to produce coins in quantity, partly as civic advertisement. The reference V.2#85626 places this within a well-documented series, though die matches across the type reveal considerable variation in flan preparation.