In 317, after the peace between Constantine and Licinius, the Western mints started issuing again in the name of the Eastern Augustus, even though kind of sparsely. One of these smaller issues is the IOVI CONSERVATORI, struck for the Licinii soon after the end of the first civil war very likely when both Crispus and Licinius II were elevated to the rank of Caesar in 317. AE3 21x20mm 3.50g reduced follis/nummus, minted at Ticinum, 317. LIC LICINIVS NOB CAES; small laureate head right IOVI CONS - E - RVATORI; Jupiter to left holding sceptre in left hand and thunderbolt in right hand, chlamys over left shoulder; P in left field T T in exergue cf. RIC VII Ticinum 72 Although unrecorded in RIC (p. 371) and unrecorded in NotInRIC, note 71 in RIC (p. 371) mentions legend LIC LICINIVS NOB CAES from Vienna but with officina S and CON - SE - RVATORI reverse legend -- so obviously not the same coin but from the same issue -- but its whereabouts could not be confirmed. This issue for the Licinii at Ticinum (so Constantinian territory) was very likely early after the peace between Licinius and Constantine and the elevation of Licinius II, as two of the known legends used for the child Caesar there LIC LICINIVS NOB CAES and the elliptical LICINIAN LICINIVS IVN seem highly tentative and experimental legends. The rarity of all types in this issue -- so RIC 70, 71, 72 and this type presented here -- indicate the brevity of the issue.
That’s a great and scarce coin of LII! I have a similar coin of Licinius I. I was only able to find a handful of similar examples online. Licinius I Ticinum mint. 317/8 Obverse: IMP LICINIVS PF AVG, Laurate head left. Reverse: IOVI CONS-E-RVATORI, Jupiter standing left, chlamys across left shoulder, holding thunderbolt right, holding spear left. P field mark left. Mintmark: ST RIC VII Ticinum 70, Rating: R4
See here for an example: https://www.cointalk.com/threads/a-civil-war-era-issue-for-constantine-i-at-thessalonica.369927/