Watch List notes:

ITALY, Papal (Papal state). Gregory IX. 1227-1241. PB Bulla – Seal (37mm, 49.40 g, 12h). Bare heads of Sts. Paul and Peter, facing slightly right and left, respectively, each within beaded halo; cruciform scepter between: S PA S PE above / GRЄ/GORIVS/ PP VIIII. Serafini 1-4. Gray and brown surfaces, scrapes, holed, bent and straightened. Good VF.

From the CJR Collection.