Probably "PAX AVG" reverse.
To help you in future attribution (and save our eyesight

) of such coins, you might not be aware of the excellent Excel lists created by Dane Kurth.
This is the site:
http://www.catbikes.ch/coinstuff/coins-ric.htmScroll down to the file (free to download) of "The Antoniniani Of Carausius".
So we know this is an Antoninianus of Carausius.
The legends look clear, from what we can see.
So using the list, you can first "filter out" the correct obverse legend.
Then if he is just "bust only" or has "drapery".
A slightly more harder to see element is the "cuirass", which is often a "shoulder-strap ".
Then the reverse, it looks likely to be "PAX AVG".
Then any letters in the left or right field.
We can see "S", maybe you can see another letter in the right field?
The "exergue" is the space at the very bottom of the reverse. Of the Antoniniani of Carausius have letters such as "ML" with/out an "X" (or more) or/and a "I" (or more)
Her Excel lists are still a great help to me, I learnt far more from them than from any Forum.