PHILIPPINES: U.S. Territory, AR set, 1936, 3-piece commemorative SET for the Establishment of the Commonwealth, including KM-176-177-178, scratched, cleaned, and pitted, sea-salvaged, VF. Just before Manila was occupied by the Japanese, the silver in the Philippines treasury that was not shipped out to the U.S. for safekeeping was dumped into Caballo Bay south of Corregidor. Estimates range from 14 to 17 million pesos. The Japanese occupied Manila on May 6, 1942, and in due time came to know about the dumped silver. The Japanese forced Philippines and United States prisoners-of-war to recover the haul. A sizable portion of the silver was recovered by the Japanese, but much of the salvage was thwarted by the prisoners' sabotage. After the war, the U.S. Navy, and later the Philippines Government tried to salvage the remaining portion. Between the Japanese and the later Allied salvage, it has been estimated that 7 million pesos have been recovered. Even though small numbers of coins have been brought up since, there remains a fortune to be found in Caballo Bay.

Estimate: USD 140 - 200