Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Honorius III. 1216-1227. PB Seal – Bulla (38mm, 52.98 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 / HONO/RIVS :/ • PP • III • (Ω over PP). Serafini 1-3. Some minor roughness and deposits. VF.

From the Peter J. Merani Collection. Ex Luparello Collection (Classical Numismatic Group Electronic Auction 210, 13 May 2009), lot 444.