Pietro Barbo was born in Venice on February 23, 1417, his father a member of the noble Barbo family. After the election of his uncle as Pope Eugenius IV, he was created cardinal deacon in 1440 and later made cardinal bishop of San Marco in 1451 under Pope Nicholas V. A humanist and antiquarian, Barbo amassed large collections of art, coins, and gems. He was elected pope in 1464, taking the name Paul II, and died in 1471.

The inscription on the reverse of this medal refers to the Palazzo di San Marco, which adjoined Barbo's titular church of San Marco in Venice. In 1455, be began to rebuild the church and palace, though the project remained unfinished at his death. The obverse of this medal was also combined with a reverse showing a view of the palace, and the reverse inscription is present on the east front of the building. Called the Palazzo Venezia today, these medals were used as foundation deposits, and examples have been found in the walls of the cellars since the nineteenth century.