Stack’s Bowers Galleries Presents the Ray Czahor Collection of Philippine Paper Money

As part of the April 2026 Hong Kong (SAR) Auction, Stack’s Bowers Galleries is proud to present the Ray Czahor Collection of Philippine paper money. Featuring some of the rarest banknotes from the American occupation of the Philippines, this is one of the most advanced collections of the Philippines to come to the market in recent years. The focus is on rare replacements and notes from the ‘VICTORY’ series, issued after the victory over the Japanese. Select other highlights from the first half of the 20^th century, prior to the Philippines’ independence, are also included in the collection.

The Ray Czahor collection includes rarities that were originally part of the Greg Pineda Collection, sold at auction in 2012, and widely regarded as the most advanced cabinet of Philippine paper money of all periods ever assembled. While the Ray Czahor Collection does not have the breadth of the Greg Pineda Collection, it is worth noting that numerous replacements not in that cabinet are indeed in Ray’s collection, giving Philippine collectors unprecedented access to world-class rarities. In fact, many of the notes offered are the sole graded example in the PMG population report, further underscoring their rarity.

Select highlights of the Ray Czahor Collection include:

PHILIPPINES. Philippine National Bank. 5 Pesos, 1912 (ND 1919). P-43*. Replacement. PMG Very Fine 20.

PHILIPPINES. Philippine National Bank. 20 Pesos, 1912 (ND 1919). P-43B. PMG Choice Fine 15.

PHILIPPINES. Treasury of the Philippines. 5 Pesos, 1918 (ND 1919). P-62*. Replacement. PMG Choice Uncirculated 64 EPQ.

PHILIPPINES. Treasury of the Philippine Islands. 50 Pesos, 1929. P-78*. Replacement. PMG Very Fine 25 Net. Rust.

PHILIPPINES. Lot of (7) in Booklet. Treasury of the Philippines. 1 to 100 Pesos, ND (1944). Victory Series. P-94as to 100as. Specimens. Uncirculated.

PHILIPPINES. Treasury of the Philippines. 100 Pesos, ND (1944). P-100a*. Victory Series. Replacement. PMG Very Fine 20.

PHILIPPINES. Treasury of the Philippines. 500 Pesos, ND (1944). P-101a. Victory Series. PMG About Uncirculated 53.

PHILIPPINES. Central Bank of the Philippines. 2 Pesos, ND (1949). P-118a. Victory Series. PMG Choice About Uncirculated 58.

Watch this space for more highlights of the April 2026 Hong Kong (SAR) sale in the coming months. While the consignment deadline for this sale has passed, we are always accepting quality consignments for future sales. To start the consignment process, please contact Dennis Hengeveld at [email protected]