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Auction: 343 - World Banknotes, The Ibrahim Salem Collection of South America and Other Properties at Grand Hyatt, NY INC
Lot: 177

Philippine National Bank, 50 Pesos (2), 2 May 1916, serial number A307159A, A98715A, black, Henry Lawson at left, reverse, red,
(Pick 49), first note in PMG holder 40 Extremely Fine, second note in PCGS holder 50 About New (2), these notes were never officially issued: the first series were looted by the Moro people in Mindanao and sold on at 1/10 of face value (!) and the shipments containing the second series were captured by the Japanese during WWII

Estimate
$400 to $500