Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Clement VII. 1523-1534. PB Seal – Bulla (39mm, 59.20 g, 12h). Heads of Ss. Paul and Peter facing slightly right and left, respectively; between, long cross set on coat-of-arms; PA PЄ above / +/ CLE/ME•NS/ • PP • VII • (– above PP). Serafini 214-5. Good VF.

From the Peter J. Merani Collection. Ex Artemide Aste 23 (14 December 2008), lot 403.