Watch List notes:

ITALY, Papal (Papal state). Pius III. 1503. AR Medal (45mm, 47.87 g, 12h). By G. Paladino. Dated 1503 (in Roman numerals, though an original strike from circa 1664). * M D III PIVS * III * PONT * MAX *, bust left, wearing mantum / SVB · VMBRA · ALARVM · TVARVM ·, Pius enthroned left, raising hand in benediction; throne flanked by two cardinals; before, Cesare Borgia kneeling right, hat and banner at feet. CNORP 182; Mazio 31; Lincoln 420 (bronze). Toned. In NGC encapsulation 6268028-003, graded AU 55. Very rare original strike.

Ex Peter Corcoran Collection; RAJ Collection (Classical Numismatic Group 106, 13 September 2017), lot 1046; World-Wide Coins of California (James F. Elmen) XXIV (18 November 1993), lot 262.