Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Pius V. 1566-1572. PB Seal – Bulla (45mm, 58.33 g, 12h). Heads of Ss. Paul and Peter facing slightly right and left, respectively; S P above / • PIVS •/ • PAPA •/ • V •. Serafini 169-71 var. (obv. legend). Traces of original cord, brown earthen deposits. VF.

From the Peter J. Merani Collection. Ex Artemide Aste 32 (10 April 2011), lot 426.