As - Tiberius Countermarked S

Calagurris — modern Calahorra in La Rioja — was one of the few Hispanic municipia granted the right to strike bronze coinage under Augustus and Tiberius, a privilege that dried up entirely after Caligula ended provincial bronze production across the West. The countermark S punched onto this piece most likely served as a revalidation mark, confirming the coin's continued acceptability in local exchange well after original issue — a common administrative response to coinage shortages in the Iberian interior where fresh supply from Rome arrived slowly and irregularly.