Watch List notes:

Italian States, Stato Pontificio (Papal States). Paul III Gilt AR Bianco. Bologna mint, 1534-1549. • PAVLVS • III • PONT • MAX •, bare-headed bust to right, wearing embroidered cope / • BONONIA • MATER • STVDIORVM •, rampant lion to left, holding banner. MIR 905/1; Muntoni 100; Berman 927. 5.60g, 30mm, 9h.

Very Fine; possible mount mark(?) at 12h, some underlying silver showing. Extremely rare in gilt form.