Follis - Arcadius VIRTVS EXERCITI, Constantinopolis

Arcadius inherited the Eastern throne at eighteen upon Theodosius I's death in January 395 — the last emperor to rule a unified Roman Empire. The VIRTVS EXERCITI type was a deliberate political message issued almost immediately after the division, projecting military confidence from a court dominated by the praetorian prefect Rufinus, who was effectively running the government. Rufinus was assassinated later that same year by soldiers loyal to the general Stilicho, in what was almost certainly a coordinated political killing.

Constantinople mint output for this type is relatively well-documented through RIC X, with officina letters providing useful die-sequence data for collectors working the series seriously.