This coin refers to a major victory over the Sarmatians in 322 A.D. This victory, however, was a big reason for the civil war with Licinius, since the territory that Constantine fought the Sarmatians in was actually under the control of Licinius.
“When Constantine learned that the Sarmatians, who live near Lake Maeotis, had sailed across the Danube and were pillaging his territory, he led his army against them…he killed many, took more prisoners and put the rest to flight.†Zosimus 2:21
Constantine the Great
A.D. 323-4
18mm 3.6gm
Obv. CONSTANTINVS AVG head laureate
Rev. SARMATIA DEVICTA [On the occasion of Sarmatia being conquered] Victory advancing r., holding trophy, palm branch, spurning captive std. on ground to r.
STR in ex.
RIC VII Trier 429