Watch List notes:

PHILIPPINES: Commonwealth, medal (37.60g), 1938, Pineda Coll.-5695 (this piece), Hunnicutt-289(a), 44mm medal for the Inauguration of the Manila-Legaspi Railroad Line by C.Z., train and erupting Mt. Mayon at center with MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS around, all inside a bamboo wreath border // railroad trestle with gap at center and covered in floral decorations with MANILA-LEGASPI LINE (on banner) / OFFICIALLY INAUGURATED / BY / PRESIDENT / MANUEL L. QUEZON / OF THE PHILIPPINES, with "MAY 1938" on rock below, some file marks and "S" on edge, EF-AU, RR, ex Pineda Collection Lot 5695. This is a rather enigmatic piece, being the medallic highlight of the famous Pineda Collection, sold in 2012. While noted in the Knight catalog as being in silver (one of only two known), there is definitely a brassy color along some of the edge, suggesting this is either of low fineness silver, or is silvered. The "S" on the edge at the bottom may indicate silver. In any event, a true rarity.

Estimate: 850-1,150 USD