Watch List notes:

ITALY, Papale (prigioniero del Vaticano). Pius XI. 1922-1939. AR Medal (44mm, 34.36 g, 12h). Holy Year issue. By A. Mistruzzi. Dually dated RY 4 and 1925 (in Roman numerals). Bust left, wearing zucchetto, mozzetta, and pallium / Nine saints standing in circle on clouds; radiant dove above, Porta Santa below. Rinaldi 119. Toned, faint hairlines. EF. In original red case of issue.

From the Peter J. Merani Collection, purchased from Jencius Coins.