Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Gregory XI. 1370-1378. PB Seal – Bulla (35mm, 63.55 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 / * GRЄ/GORIUS/ * PP * XI * (Ω over PP). Serafini 80-1. Gray surfaces, minor corrosion, edges hammered. VF.

From the Peter J. Merani Collection, purchased from Allen Berman.