That looks like a die break on the
wreath, and before Victory's
face one sees the top of her second wing.
Philip
Caesar, with
IOVI CONSERVAT, and
Otacilia Severa, with
IVNO CONSERVAT, each have an
antoninianus type which acts strangely: occurring only on
antoniniani, not on gold or bronze coins, and not fitting into the clear progression of Rome-mint
types in six issues from the beginning to the end of the reign.
The corresponding
type of
Philip I would appear to be
VICTORIA AVGG standing, which similarly occurs on
antoniniani only and does not fit into the sequence of Rome-mint
types. Apparently evidence for a branch
mint that produced
antoniniani only alongside the Rome-mint issues, and used Rome-mint engravers, to judge from the
style which closely matches
Rome.
I was not the first to propose this idea: Eddy and Fitz both assigned Philip's
Victory standing
type to
Viminacium, according to Dieulafait in the
Eauze hoard publication.
At
Rome under Philip,
AVG in
reverse legends changed to
AVGG early in 245. Apparently the
AVGG just meant "of the
Augustus and
his son", since
Philip II did not become
Augustus himself until mid-247.