When you have only limited resources to devote to new purchases invariably you are confronted with some difficult decisions. This afternoon I was confronted with one of those tough choices.

When I found out that the Stack's Bowers was offering a 1905 NGC PF67 USA-Philippines Five Centavos in their August 2012 Philadelphia ANA World's Fair of Money - Internet Only Auction I started to drool.

The 1905 Five Centavos is a PROOF ONLY ISSUE with a mintage of only 471. This is the lowest mintage of any USA-Philippines Proof Five Centavos. SUPERB GEM PROOF Five Centavos are ULTRA RARE and this TOP POP coin is as rare as they come.

NGC has graded only two coins in this lofty grade with no specimens graded higher. PCGS has graded three PR67 specimens with none graded higher. With a combined NGC/PCGS population of 5/0 this specimen would be the crown jewel in any USA-Philippines collection.

The 2012 edition of U.S./Philippine Coins (Allen Catalog) lists the value of a 1905 Five Centavos in PF65 as $625.00. While the Allen catalog does not list prices for proof coins graded higher than PF65 the FMV for SUBERB GEMS would obviously be significantly higher. Stack's Bowers had an estimated hammer price of $500 - $700 for this specimen ($587.50 -- $822.50 with buyer's premium).

I placed a bid of $760.00 ($893.00 with buyer's premium). Until twelve hours ago I was the high bidder on this coin. When I checked computer this morning I found an email from Stack's Bowers that I had been outbid. With the bid now at $810.00 ($951.75 with buyer's premium) I needed to bid $860.00 ($1,010.50 with buyer's premium) if I wanted to stay in the running.

While $1,010.50 would not be an unreasonable price for such an Ultra Rarity you have to think twice when committing over a thousand dollars for a single coin. Although I very much WANTED this coin I really didn't NEED it. I already own a beautiful 1905 Five Centavos in PR65 that I purchased in the Dr. Greg Pineda Philippine Collection Auction http://coins.www.collectors-society.com/JournalDetail.aspx?JournalEntryID=11522 and a thousand dollars could go a long way towards purchasing a coin that I do not own.

I really agonized over the decision. For several hours I sat at my computer lodged on to the Stack's Bowers web site watching the clock run down to the 5PM (Central Time) auction closing. All I had to do was click the next bid button and I would be back in the running. In the end reason prevailed over emotion and I didn't increase my bid. The coin that I WANTED but didn't NEED sold for $810.00 ($951.75 with buyer's premium) only one bid higher than my final bid.

Now that the excitement of the auction is over I'm thinking about which coins should logically be at the top of my want list and have identified three prime contenders:

1) My first choice would be a 1906 Half Centavo in PF65 or higher. That would complete my Half Centavo Registry Set. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=77008&Ranking=all

It would also add another coin to my 1906 Proof Set, USA-Philippines Proof Issues, and USA-Philippines Complete Registry Sets.

2) Upgrade my 1908 PF62 Fifty Centavos to PF65. That would upgrade my number 1 ranked 1908 Proof Set. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=143079&Ranking=all

It would also upgrade my award winning (2011 Best Presented Set) USA-Philippines Type Set. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51257&Ranking=all

3) Upgrade my 1903 PF64 Peso to PF65. That would upgrade my number 1 ranked 1903 Proof Set to an all GEM set. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=143078&Ranking=all

It would also upgrade my award winning (2011 Best Presented Set) USA-Philippines Type Set. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51257&Ranking=all

The coin pictured is the obverse of the 1905 PF67 Five Centavos that was offered in today's Stack's Bowers internet auction.

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