Watch List notes:

ITALY, Papal States. Paul IV. 1555-1559. AR Testone (9.44 gm; 30 mm). Rome mint, dated 1557. Papal arms / St. Peter seated facing, holding key, raising hand in benediction. Cf. CNI XV 56; cf. Muntoni 9-10; Berman 1039. Minor ding on reverse at 2. Lovely strike. Choice EF. Nice old cabinet toning.