Watch List notes:

ITALY, Papale (prigioniero del Vaticano). Pius XI. 1922-1939. AR Medal (43mm, 35.13 g, 12h). By A. Mistruzzi. Dually dated RY 5 and AD 1926 (in Roman numerals). Bust left, wearing zucchetto, mozzetta, and pallium / Personification of Archaeology seated facing, holding lamp and tablet; behind, the entrance to the Catacombe di Roma. Rinaldi 120. Toned, hairlines and light scratches. Good VF. In original red case of issue, with some wear.

From the Peter J. Merani Collection.