As - Augustus Q ANTONI L FABI

Calagurris — modern Calahorra in La Rioja — was among the Spanish cities that demonstrated loyalty to Augustus by issuing local bronze coinage in his name during the early Principate. The city held the status of municipium civium Romanorum, a grant likely tied to its support during the civil wars of the late Republic. The magistrates named on this piece, Q. Antonius and L. Fabius, served as duoviri — the paired chief magistrates of the local Roman administration — and their names on the coinage functioned as a public record of their tenure as much as a circulation instrument.

RPC I 438 is not a rare type, but well-preserved examples with legible magistrate names are considerably scarcer than the base reference number implies.