Denarius - Augustus CAESAR AVGVSTVS S P Q R CL V

This issue belongs to a group of coins struck under the authority of the Senate — the S P Q R in the legend signals an unusual delegation of minting privilege rarely seen in Augustan coinage. The CL V abbreviation references the *clipeus virtutis*, the golden shield awarded to Augustus by the Senate in 27 BC, inscribed with the four virtues: *virtus*, *clementia*, *iustitia*, and *pietas*. That award was itself a political negotiation — a face-saving gesture allowing Octavian to project restored republican legitimacy while consolidating autocratic power.

RIC I 36A places this among a small series from the Spanish mints, likely Colonia Patricia.