Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Leo XII. 1823-1829. PB Seal – Bulla (44mm, 68.90 g, 12h). Heads of Ss. Paul and Peter facing slightly right and left, respectively; plain cross between; S P/ S P above / (radiant cross)/ LEO/ PAPA/ XII; all within wreath. Serafini 37-9. Light corrosion, section of original cord attached. VF.

From the Peter J. Merani Collection. Ex Artemide Aste 1G, lot 1645.