The
obverse seems to be Pius as stated but it is the
reverse that has me interested.
I see XM

which seems to denote a rarish mint city. Has anyone another explanation for what can be seen on the
reverse?
This is the second last of a series of 9 coins that were broadly unidentified in the set of uncleaned last received. Some of the copper coins posted from this batch are Ottoman Empire of some kind, the others have been placed except for this one and one other which still needs a
bit of work but the last letters on the
obverse appear to be AVIO