I believe this coin is a
fake that was
engraved on modern dies, or a transfer die that was touched up:
1. The
obverse inscription should say ARXAGETAS, but the first few letters are very unclear, despite the great state of the coin. This makes me think the forger couldn't see what those letter were on the (presumably worn) original, and only copied the half of the letters that were visible.
2: The
reverse has a strange look, and, more importantly, a circled
border. These are always dotted on the grape cluster varieties. However, the dots on the
reverse of this
type are usually very close together, resembling a line, hence the forger's confusion.
3: The fields are unnaturally flat.