In 1962 the late Professor Kraft put forward a new interpretation of the letters SC on the aes coinage of the principate, claiming thereby to remove the difficulties that sprang from the traditional interpretation of the formula. In brief, his theory was that the letters S(enatus) C(onsulto) did not refer to a senatorial decision authorizing the coinage (meaning ‘geprägt auf Senatsbeschluss’), as had been generally assumed as a matter of course; rather, the reference was to the type-content of the coinage: to the decision by which the senate had voted Augustus the honours depicted on the coinage itself (the oak-wreath of 27 B.C.). Although the late H. Mattingly reacted to this theory with scepticism, it was supported by C. H. V. Sutherland, who adduced in its favour further arguments from Augustan issues in the provinces. There discussion has stopped. However, there are reasons for not leaving the problem at this stage, as the solution of Kraft can hardly be the right one; instead, it should be possible to suggest another one harmonizing better with the evidence.