It is Licinius I. One way to tell is that the obverse legend ends with AVG (Augustus) and Licinius II was only a Caesar. Also, the bust is bearded and Licinius II died before he was 12, so he never had a beard.
Licinius I A.D. 312- 313 IMP LIC LICINIVS P F AVG; laureate and cuirassed bust right. IOVI CONSERVATORI AVGG NN; Jupiter standing left, right holding Victoriola, left leaning on sceptre, at feet left, an eagle with a wreath in its beak. In ex. •TS•delta• RIC VI Thessalonica 59
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