Watch List notes:

ITALY, Papale (Stato pontificio). Paul III. 1534-1549. AV Scudo d'oro (26mm, 3.40 g, 1h). Rome mint. Struck 1534-1540. · PAVLVS · III · · PONT · MAX ·, coat-of-arms surmounted by crossed keys and Papal tiara / S · PAVLVS · VA S ELECTIONIS (crossed lion's paws), St. Paul standing facing, holding sword in right hand, gospel in left. MIR 868/3; Muntoni 23; Berman 905; Friedberg 65. VF.

From the Peter J. Merani Collection. Ex Triton XVII (7 January 2014), lot 1260.