Watch List notes:

WORLD, Italy. Papale (Stato pontificio). Pius IX. 1846-1878. PB Seal – Bulla (45mm, 75.20 g, 12h). Heads of Ss. Paul and Peter facing slightly right and left, respectively; plain cross between; S P/ S P above / (radiant cross)/ PIVS/ PAPA/ IX; all within wreath. Serafini 526-7. Traces of original cord. VF.

From the Peter J. Merani Collection. Ex Artemide Aste 25 (2 July 2009), lot 1976.