Watch List notes:

Manila, Philippines, Central Bank, 500 pesos, ND (1949), certified PMG AU 53. SCWPM-124b. Series 66, serial F00194740, Central Bank overprint on "VICTORY" series note. Second finest known behind only an AU 55 on the PMG census. The note features Miguel Lopez de Legazpi (1502-1572), the Spanish navigator and governor who established the first Spanish settlement in the East Indies, when his expedition crossed the Pacific Ocean from the Viceroyalty of New Spain to modern day Mexico. He also established Cebu on the Philippine Islands in 1565. The Victory Series is always in high demand and the 500 pesos is the highest denomination of the issue. This piece features extremely strong inking plus sharp corners and edges. PMG #1093633-016.
($3500-5000)