Watch List notes:

Philippines, Philippine National Bank, 20 pesos, 24-3-1937, series 1937, certified PMG AU 55 Net. SCWPM-59. Serial #E47571E. Central vignette is of William A. Jones, Congressman from Virginia (1891-1918), who sponsored the Jones Act that created a framework for the eventual independence of the Philippines. Well-centered printing with good margins while PMG notes rust and retouching spots on the paper. PMG #8032432-003. (Estimate: $1000 - 1500)