The silver medallion featured here was issued in 1963, the first year of the pontificate of Pope Paul VI. On the obverse side, it reads, Paul VI Pontifex Maximus (Paul VI Supreme Pontiff) Anno 1 (the first year).
The reverse side of the medallion has an image of the cross keys and tiara, the symbol of the papacy, and the date, 1963. The phrase surrounding the outer edge reads, Corona Aurea Super Caput (A Golden Crown on His Head).
The Vatican issues medallions and medals to commemorate special events, like Holy Years or canonizations of popes or anniversary years of their pontificates. Many of them come in cases like the white one featured here with the cross keys and tiara decorating the top.
The medallions are issued as souvenirs and valued by collectors as well. This is a memento of a canonized pontiff, and for that reason alone it is a nice addition to this Collection.