Watch List notes:

ITALY, Papale (prigioniero del Vaticano). Pius XI. 1922-1939. AV Medal (44mm, 56.92 g, 12h). By Mistruzzi. Dually dated RY 3 and AD 1924 (in Roman numerals). PIVS · XI · PONT · MAX · ANNO · III ·, bust right, wearing zucchetto, mozzetta, and pallium / Façade of the new Università Gregoriana; above, GREGORIANVM/ ABHINC. C SOCIESV REST; in exergue, NOVA SEDE DONATVR/ MCMXXIV. Mazio 883; Rinaldi 118 (for type in silver). Hairlines. EF. Rare.

From the Peter J. Merani Collection. Ex Artemide Aste XXXVI (11 July 2012), lot 661.