PHILIPPINES. Banco Espanol Filipino. 5 Pesos, 1904. P-A31. PMG Very Fine 25. Printed by BFL. Manila. The <em>Standard Catalog of World Paper Money </em>simply lists this pick number as "Rare," which is a gross understatement given the fact that PMG has graded just two examples of this catalog number in their long grading history. Auction records for a fully issued example of this Pick variety are hazy at best, and this will be the first time we have had the pleasure of offering this scarce catalog number. This note is the finest graded for the pick number at the time of cataloging by PMG, and offers a darkly inked design printed in pink paper. Two bold red stamps are at left and right ends of the note. We expect to see spirited bidding on this lot, as it may be some time before an issued 5 Pesos note of this series becomes available publicly to collectors.<p>Included is a handwritten letter on Marcus Ward & Co. Irish Linen watermarked paper.<p>
