I followed some skeins of information to find the following:
The city in the background on the medal is Firenze which we know as Florence, Italy.
Paolo Falconieri was an intellectual and architect of the late Renaissance. A member of the court of Cosimo III de Medici (a VERY wealthy family). Among his many activities, he planned the expansion of Pitti Palace. This was the residence of the Medici family and to this day a famous site in Florence, Italy. It was donated to the Italian people by King Victor Emmanuel in the early 20th century and now serves as an immense museum that is itself a part of the exhibit.