King of Coins Sola-Busca
A king holding a shield in his left hand and an helmet in his right hand. Banner with "PAX" (peace) inscription. A bird is sitting on the throne. Possibly, a dove with an olive branch. An inscription at the base of the throne reads "R FILIPO".
Identification of the Subject
The subject of this card could be Philip II of Macedon, the father of Alexander the Great. His son Alexander and his wife Olympias are also present in the deck. Also the Knight of Cups Nectanebo is mythically connected to Philip of Macedonia.
A second, less likely, possibility is the Roman Emperor Philip the Arab (III Century AC). This interpreations provides a possible explanation for the banner reading "PAX".
Coin of Emperor Philip I "the Arab" (244-249 A.D.)
P A X A E T E R N A
Fazio degli Uberti Dittamondo
Book 2 - Chapter IV
Dopo costui, di cui mi dolse assai,
a Filippo fu dato il mio tra mano, 80
che per signor sette anni me 'l trovai.
E nota che fu il primo cristiano
imperatore e Ponzio fu colui
che 'l battezzò con la sua santa mano.
After him (Gordian III), from which I received much pain,
my reign was given to Philippus,
and he ruled me for seven years.
Note that he was the first christian
emperor and Pontius was him that
baptized him with his holy hand.
-  Wiki article on Philippus the Arab