Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Nicholas V. 1447-1455. PB Seal – Bulla (38mm, 43.23 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 / +/ NICO/LAVS/ • PP • V • (Ω over PP). Serafini 49-50. Gray surfaces. Near EF. Well preserved with portion of original cord.

From the Peter J. Merani Collection. Ex Edward J. Waddell Electronic Auction (20 June 2001), lot 207.