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Value and Demand Opinions Sought - circ 1906 Philippines Peso

I have a friend with sort of an oddball coin - a 1906 Philippines peso.
I guess they were struck in Proof only, and only 500 were issued.

This coin has been certified by PCGS as a Prf 40, and looks original and problem free.

I haven't seen much on these, my limited auction records are sparse, and it looks like predominately well preserved coins like Pf 63/64
are what comes up, so I'm not sure what it would be worth as a circulated piece.

Is an XF example a white elephant - interesting, but no one really wants one?

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