Watch List notes:

Philippines (U.S. Territory): El Banco Espanol Filipino, 5 pesos, Manila, 1904, serial number 34388, black printing on pink paper, '5' at each corner, red bank stamps left and right, 3 black manuscript signatures, reverse black, 'CINCO' at centre, ornate floral patterns, a Barclay and Fry of London printing.

The Philippines was no longer a Spanish colony after 1899.(Pick A31), PMG 20 Very Fine. An extremely rare type note of which only 2 have been graded by PMG so far. A most delightful note from a current red hot area. A must have for the advanced collector!.

Estimate: HK$220,000 - HK$350,000