Lot
545 
Philippines, 1904, $2 Dark Blue, o.g., never hinged, well centered amid large margins, rich deep color, Extremely Fine, with only 695 stamps issued; with 1995 P.F. certificate. Scott No. 238 $1,500.
A VERY RARE AND CHOICE NEVER HINGED EXAMPLE OF THE PHILIPPINES 1904 $2 MADISON ISSUE - AMONG THE FINEST NEVER HINGED EXAMPLES EXTANT.
Realized: $1,200