This piece was discovered in Egypt as part of a hoard that comprised about twenty similar medallions (now dispersed among various museums), eighteen gold ingots, and six hundred gold coins issued by Roman emperors from Severus Alexander (r. 222-235 CE) to Constantius I (r. 293-306 CE). One of the medallions, now in the Calouste Gulbenkian Museum in Lisbon, bears an inscription that possibly reads "Olympic games of the year 274", a date corresponding to 242-243 CE. One wonders if Caracalla traveled to Siwa Oasis to consult the Oracle of Ammon, as Alexander had done. When I visited the Oracle a few years ago I didn't hear anything. It's also possible that Caracalla as he aged had a progressively worse mental illness, which might help explain his behavior. The medallions may have been intended as prizes to be given out at that event. Alternatively, they may have been issued by Caracalla directly (ruled 198-217 CE), who is portrayed on the this medallion in profile, bearing a shield on his shoulder decorated with the image of Nike in a racing-chariot. The back depicts Caracalla's distant predecessor King Alexander of Macedon (r. 336-323 BCE). According to Herodian, images of Alexander were celebrated all over the Empire. Cassius Dio refers to a 16,000 man force established by Caracalla and equipped with long pikes and 4th-century B.C.E. armor, duplicating the Macedonian phalanx. Clearly, Caracalla's megalomania knew no bounds, as he believed he was the 2nd coming of Alexander, that is until he was assassinated at Carrhae in Syria. Anyway, I thought I would share this most interesting piece. Sadly I don't have the size and weight but it appears quite hefty. I would tend to accept the notion that the medallions were issued by Caracalla himself.