Have you ever seen this variety?
No, I've never seen it. You could try asking the BM if it really exists.
I agree it's probably an attribution/recording error. Maybe a really worn eastern Iovi, or just a clerical error? If it was real, we might expect to see it on
GENIO POPVLI ROMANI and
SPQR OPTIMO PRINCIPI too, but the "
IMP C" and long
legend really don't fit for Licinius at
Rome.
I don't think the mints were concerned about making the legends for all emperors the same length, just long enough to fill the space. The lack of
consistency across mints, as well as variations within a single issue, seems to support the theory that this was not a matter of policy but rather practicality. At different mints at different times there do of course seem to have been preferred legends, but there also seems to have been some degree of flexibility. I wonder if the engravers were explicitly told "it's OK to drop the
IMP or PF, or use P vs PF if you run out of space", or perhaps it was just understood what was an acceptable variation or not.
Ben