Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Gregory XV. 1621-1623. PB Seal – Bulla (40mm, 47.40 g, 12h). Heads of Ss. Paul and Peter facing slightly right and left, respectively; plain cross between; S S/ P P/ A E above / GRE/GORIVS/ • PAPA •/ • XV •. Serafini 138-40. Traces of original cord. VF.

From the Peter J. Merani Collection. Ex Artemide Aste 47 (3 June 2017), lot 701.