I've got a bunch of photos of this issue saved... the bearded/not pattern seems to go by officina.
Officinas B + E were used almost exclusively for Constantine, and have him without beard, which I assume is how he really looked.
Officinas A + G were used primarily for Licinius, as well as A for bearded Maximinus, and have Constantine with beard, maybe because the engravers were too lazy to differentiate.