After the death or resignation of a pope, the Holy See (central authority of the Roman Catholic Church) enters a period of sede vacante, Latin for 'the seat being vacant.'
Sede Vacante medals and talers were issued by select German States to commemorate the death of bishops and prince-bishops. Only a dozen or so German States issued medals to commemorate the Sede Vacante events over a 250 year period.
On the reverse of this medal you can read: M FVNDATOR S CAROLVS, Charlemagne, known as Charles the Great. This large silver medal has a diameter of 49 mm and weighs 43 grams. Approximate catalog values run like this:
worn: $250 US dollars approximate catalog value
average circulated: $400
well preserved: $750
fully uncirculated: $1500
CoinQuest thanks Stacks for use of this image of a superb specimen. Stacks' medal sold for $1750 US dollars in a 2006 auction.