Lot
348 
Philippines, Airmail, 1926, 16c Madrid-Manila Flight, red overprint, o.g., typical centering for this notoriously off-centered issue, strong color, Fine, a very presentable sound example of this rare key airmail issue, with only 100 issued; with 2024 P.S.E. certificate.Scott No. C8 $5,000.
Realized: $5,750