The 1905 Five Centavos is a PROOF ONLY ISSUE with a miniscule mintage of only 471 coins. Of the 471 pieces made, this has to be one of the very best. It is beautiful!

I was very pleased to be the high bidder on this outstanding piece in last week's Dr. Greg Pineda Philippine Collection Auction. All Philippine proof coins are rare particularly in GEM quality but none are rarer or more alusive than 1905 proof coins.

The 2008 Allen guide book lists the 1905 Five Centavos in PF65 at $550.00 however FMV as reflected on most Philippine dealers price lists is $610.00. The auction catalog listed the estimated price range as $350.00 - $650.00.

Since the Minimum opening bid for this auction was set at 60% of the low estimate the opening bid for this coin was $210.00. About a week prior to the live auction I placed an online bid of $210.00 expecting to be quickly outbid. Much to my surprise when online bidding closed one hour prior to the start of the live auction I was still high bidder at $210.00.

When the live auction started I participated through Knight Live. When this lot came up late in the auction I was prepared to pay up to FMV but was surprised and delighted to be the high bidder at only $300.00 ($345 with buyer's premium). Clearly this was a terrific bargain on a rare and beautiful coin. I can't wait to enter it in my Registry Sets for an impressive 1623 points.

NGC Population 3/6, PCGS Population 7/5, Combined NGC/PCGS Population 10/11

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