Watch List notes:

Central Bank of the Philippines Essay Banknote, 1949 Issue. 1949. 5 Centavos. P-125 Unlisted Color Trial uniface front essay specimen. Red specimen overprint and "00000" serial numbers. Unreleased and unissued 5 Centavos color trial. 102 x 46 mm. Dark green border with blue undertint. Seal on left is dark green and light blue. CU condition. Face has a red overprint on upper top margin with date 4-14-51 and "5 FP 49" and no back. Rare Security Banknote Company color trial essay design of proposed and unaccepted banknote. SBNC.

Estimate: 80 - 160