As - Augustus L VALENTINO M CA I II VIR L NOVO

Calagurris — modern Calahorra in La Rioja — was one of a cluster of Hispanic municipalities that issued bronze coinage under Augustus, a privilege tied to the town's status as a Roman colony founded by Pompey following the Sertorian War. The duoviri named in the legend, Valentino and Novo, were local magistrates whose names appear across several die pairings catalogued under RPC I 445, suggesting a reasonably sustained local issue rather than a single ceremonial striking.

Production of municipal bronze in Hispania largely ceased under Caligula, making Augustan-era Spanish civic issues the terminal point of a centuries-long western tradition of locally administered coinage.