At what point does Raphael realize that the contents of the bag must be hugely important to the police?

Raphael realizes the extreme importance of the leather bag's contents when he hears the policemen offer 10,000 pesos to the finder of the bag and 1,000 pesos to every family in the finder's neighborhood. This offer is unprecedented within Behala, so Raphael becomes aware that the contents of the bag must have some value beyond that inherent in its few items and the cash it contains.