Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Clement III. 1187-1191. PB Seal – Bulla (35mm, 42.21 g, 12h). Bare heads of Sts. Paul and Peter, facing slightly right and left, respectively, each within beaded halo; cruciform scepter between: S PA S PE above / CLЄ/MЄNS/ • PP • III • (Ω over PP). Serafini 1-3. Oxidized gray surfaces. VF.

From the Peter J. Merani Collection. Ex Artemide Aste 47 (3 June 2017), lot 665.