Watch List notes:

ITALY, Papale (prigioniero del Vaticano). Pius XI. 1922-1939. AV Medal (44mm, 51.58 g, 12h). By Mistruzzi. Dually dated RY 5 and AD 1926 (in Roman numerals). PIVS · XI · PONT · MAX · ANNO · V ·, bust right, wearing zucchetto, mozzetta, and pallium / Personification of Archaeology seated facing, holding lamp and tablet; behind, the entrance to the Catacombe di Roma; in exergue, SCHOLA · ARCHAEOLOGIAE · CHRIST ·/ ROMAE · INSTITVTA/ MXMXXVI. Mazio 885; Rinaldi 120 (for type in silver). A few hairlines and light marks. EF. Rare.

From the Peter J. Merani Collection. Ex Artemide Aste XXXVI (11 July 2012), lot 662.