Medal struck to commemorate the renovation of the town of Frascati, dubbed by Paul as the "New Tusculum", and the renovation of the Villa Rufina. There is a similar medal which lacks the "FV" on the reverse, which refers to the "Fons Virginis", or "Virgin Spring", an important nearby water source. Modesti surmises that this addition and other modifications were made to better convey an image of the region and highlight the various works which were carried out.

The town of Frascati was given by Pier Luigi Farnese to the Church in 1537 in exchange for the Duchy of Castro. Located on the Alban Hills, the town offered fresh air and beautiful landscapes. Paul (as Alessandro Farnese) had been cardinal of Frascati from 1519 to 1523 and still held great affection for the town. Paul elevated the town to the rank of a city, calling it "Tusculum Novum" after a ruined ancient Roman city in the Alban Hills. Many renovations were accomplished, including a defensive wall being constructed and embellishment of the city center.

Nearby were several vacation villas constructed by the Roman nobility, including the Villa Rufina which had been originally built by Monsignor Alessandro Rufini. The Pope enjoyed spending periods of vacation there and also renovated and enlarged it. The nearby Aqua Virgo ("Virgin Spring") provided water for the pond and gardens of Villa Rufina. It was later purchased by Orazio Falconieri and rebuilt in the 1660s on a design by Francesco Borromini. The villa is currently called the Villa Falconieri.