Watch List notes:

ITALY, Papale (Stato pontificio). Pius IX. 1846-1878. Oval WM Satirical Medalet (21x24mm, 6.76 g, 6h). Bust left, wearing zucchetto, mozzetta, and pallium; PIO IX below; all on pelleted field / REPUBLIQUE UNE ET INDIVISIBLE, personification of the Republic standing left, holding fasces set on ground and Liberty Cap set on pole; to right, skeleton (as Death) standing facing; in exergue, J B flanking rose. See http://www.roth37.it/COINS/Satirical/ (Varie medaglie satiriche a partire dal 1550 [for another example]). EF, a couple of marks on cheek.

Purchased from Michael Agathe, 23 October 2011.