Watch List notes:

ITALY, Papale (prigioniero del Vaticano). Pius XI. 1922-1939. AR Medal (43mm, 34.35 g, 12h). By A. Mistruzzi. Dually dated RY I and AD 1922 (in Roman numerals). Bust left, wearing zucchetto, mozzetta, and pallium / Christ standing left, hand raised in benediction before crowd; palm tree in background. Rinaldi 116. Rich iridescent toning. EF. In original red case of issue.

From the Peter J. Merani Collection.