A theoretical study is conducted on the stability of exotic antiproton-hydrogen molecular anions (pH), which in the separated atom limit correlate withp + H(n = 2) (n being the principal quantum number). Thē pH molecule in the electronic ground state is highly unstable due to pair annihilation and autodetachment (→pp + e). However, if thepH molecule is electronically excited, the molecular stability can be drastically improved. Since the excited states of the H atom have accidental degeneracy, the asymptotic form of the Born-Oppenheimer potential curve ofp + H(n = 2) behaves as 1/R 2 (R being the relative distance), which can play a critical role in the bonding and stability of the molecule. It is found that thepH molecule in the first electronic excited state and in a high rotational state is sufficiently stable and has a lifetime dominated by spontaneous radiative emission (→p + H + hν). ThepH system is dynamically similar to H 2 − , which had been commonly considered to be unstable due to autodetachment. However, recent measurements of ion-beam sputtering unambiguously verified the existence of long-lived H 2 − molecules in high rotational states. This suggests that thepH molecules may actually be created if one employs experimental means such as the chemical sputtering of hydrogen-rich targets withp beams.