Philippines
USA Administration "Mule" 5 Centavos 1918-S MS64 NGC, San Francisco mint, KM173, Basso-113a, Allen-4.08b. A major variety produced by pairing the obverse of the 5 Centavos and a reverse of the 20 Centavos. An exceptional example of this conditionally rare "Mule" issue. Sharply struck, with lustrous reddish-gold patina and minor obverse spotting. Most of the known examples of this variety have definite circulation marks, as the difference in the reverse, although noticeable if one is aware of the difference, was not easy to spot and most went into circulation. Very rare in this condition, as only 4 pieces have been certified in MS64 by NGC and PCGS combined, with just a single piece finer (MS65). Only the second example we have seen in this Choice grade, with the other being Lot 25633 from our 2014 CICF sale of the Dr. Roger Mcfadden collection, where it brought $35,000 hammer.
Estimate: 20000-25000 USD