Cloth Seal, Tubular Seal, Cross, SAC

Cloth Seal, Continental?, Tubular Seal, Cross, SAC, Image & Found by José de Sousa.
Found in the Algarve, Portugal, 24.0 x 19.6mm, 8.36g.

Cross // SAC in lombardic lettering in border of pellets

It is always difficult to be sure of such letters but C is often shown with a vertical closure at the end.