Watch List notes:

Italian States, Stato Pontificio (Papal States). Pius VI Æ Madonnina da 5 Baiocchi. Perugia mint, 1797. Tommaso Mercandetti, die engraver. [PIVS PAPA] SEXTVS ANNO XXIII, denomination in four lines; date below / SANCTA DEI [GENETRIX], veiled and nimbate bust of the Blessed Virgin to left; die engraver's initials below. MIR 2978/1; Muntoni 390; Berman 3130. 16.24g, 30mm, 12h.

Near Very Fine.