u/Fit-Worldliness-1217

The 1919 is tough.

Last Spanish issue. Scarce. The only official note to have 3 signature slots interestingly. Serrano’s signature is affixed by himself thru a stamp.

5 and 10 peso. Hard to find. I like their clandestine history and that it is a direct link towards US policies at that time to support the Guerilla Movement. The 10 has a small nick and some circulation. However, it is hard to find.

5 and 10 peso. Hard to find. I like their clandestine history and that it is a direct link towards US policies at that time to support the Guerilla Movement. The 10 has a small nick and some circulation. However, it is hard to find.

The 20 is and the 5 peso naval aviator are both hard to find. There was supposed to be a 50, 100 and 500, but they were destroyed as they weren’t shipped to the country from Washington due to WW2. Only proofs exist today. Undelivered notes of the 1,2,5,10,20 peso denominations were even destroyed. The remaining notes are ones delivered to the Philippines or ones used in WW2 (such as the artificially processed and Naval Avaitors’).

In terms of history, I like this set as it signifies the end of Philippines and signals the transition of it under the difficult times of WW2 and Japanese occupation.

The 20 and the 5 Peso Naval aviators’ issue are scarce. This is set signifies the end of the older era of the Philippines, and it serves as the bridge from the bustle of the Commonwealth to the atrocities and destruction that occurred in WW2.

1941 set. The 20 is scarce and the naval aviator 5 peso is also scarce.

A tough and expensive set to complete. The 50 and higher denominations have extremely low print runs (4090 for the 50, 2100 for the 100 and 1060 for the 200). This is further compounded with the issues having a fairly low survival rate due to war and attrition. Issues by BPI also experiences solid demand among local collectors further increasing its scarcity. Even in ww2, the populace and even Japanese forces found these particular bills quite attractive according to the book “Salapi”, (Bersales & Apuhin, 2014). These notes were also printed by the USBEP, so the quality of the print and ink are quite high. In fact, the lady with scales seen in the 200 peso note was a vignette from fractional issued in the US civil war in the 1860s. Complete 1928 US-Philippines Banknote Set issued by Bank of the Philippines Islands

A tough and expensive set to complete. The 50 and higher denominations have extremely low print runs (4090 for the 50, 2100 for the 100 and 1060 for the 200). This is further compounded with the issues having a fairly low survival rate due to war and attrition. Issues by BPI also experiences solid demand among local collectors further increasing its scarcity. Even in ww2, the populace and even Japanese forces found these particular bills quite attractive according to the book “Salapi”. These notes were also printed by the USBEP, so the quality of the print and ink are quite high. In fact, the lady with scales seen in the 200 peso note was a vignette from fractional issued in the US civil war in the 1860s.

Though its NET, the rust isn't actively damaging the note and details and the note itself remain clear. I also cannot notice the location of the erasures. A strong case of "buy the note, not the holder". I also cannot notice the location of the erasures. In terms of its history, with the high face value of the note a century ago, it was only theoretically used as inter-bank transfers or large transactions. If that's the case, then a decent chunk of it would be in unc grade as it was sitting in a vault the whole time. However, the vast majority are hovering in the f-lower range, which implies it circulated. I wonder what type of large transactions necessitated high-velocity circulation? The "Justice" vignette hailed from the 1863 50$ interest bearing note and the 1863 50 cent fractional. Furthermore, this note was equivalent to 100 dollar USD during that time due to the pegged exchange rate. Lastly, the note’s production run is extremely small with 1060 printed.

Image credit, Heritage Auctions and PMG

Though its NET, the rust isn’t actively damaging the note and details and the note itself remain clear. I also cannot notice the location of the erasures. A strong case of “buy the note, not the holder”. I also cannot notice the location of the erasures. In terms of its history, with the high face value of the note a century ago, it was only theoretically used as inter-bank transfers or large transactions. If that’s the case, then a decent chunk of it would be in unc grade as it was sitting in a vault the whole time. However, the vast majority are hovering in the f-lower range, which implies it circulated. I wonder what type of large transactions necessitated high-velocity circulation? The “Justice” vignette hailed from the 1863 50$ interest bearing note and the 1863 50 cent fractional.

hard to find note, if not rare in any condition. PMG pop has 14. A nice note with good color, but with unfortunate staple holes in the sides. Nonetheless, good eye appeal. Love the double XX, reminds me of a blue version of the 1906 20$ gold cert double XX. In fact, both designs were made and designed by the BEP

If one were to take a look at the holder, it would be natural to think this was issued over a century ago, in 1916 (actually 1920 under Concepcion, the Ferguson-Parker Willis was issued in 1916-17). However, the specific serial block my note falls under is within the unreleased PNB stock. This was likely due to the intervention of the Wood-Forbes mission or that the bank over-issued notes above its capital. During the mid to late 1920s, there was an initiative to limit PNB notes in circulation, likely as from a policy intended to limit the after-effects of the 1919-21 financial crisis (Barrilla: Vol. 8 No. 1). Therefore, this note alongside the 1920 50 among others stayed remain unissued in vaults. However, an alternate explanation is that it remained as currency reserve or stock, not really meant to be issued, but serve as the bank’s assets or funds in case of short cash. With these information, it seems that this note is something that’s just meant to idly sit in a vault and be exterminated.

But, in WWII, when Japan just invaded the islands, they initially allowed US colonial paper money such as that to circulate. Subsequently, they raided PNB vaults and issued this specific type of note at the serial A1226001A-A1260000A, which mine falls under. However, they quickly rescinded this policy, and in exchange, issued the worthless JIM issues. These issues then declared illegal to circulate by Japanese and the newly-independent republic under Act.211 in 1948. The republic then allowed it to be redeemed under Act.734. However, apparently, it’s believed that this notes were taken by Japan and was hidden in a hoard in their country, escaping redemption and the harsher Philippine climate. This is a probable explanation as to why this issue is commonly available in the market, and why a vast majority that exists falls under this Japanese-issued serial number.

Hard note to find compared to the earlier Hord. This was issued in 1919 as Eliseo Sendres was the president at that time. A lot were used or pulled following the financial crisis. As a result, despite the higher print run compared to Hord, this variety is legitimately scarce. This reveals itself with 14 graded V.S Hord’s 80+. Alongside heavy circulation, a lot of them theoretically could have been pulled from circulation by the Wood-Forbes mission to fix the economy post-crisis. Lastly, a lot of these were used to make the blackouts by PNB. Meanwhile, a lot of the Hord were unissued as seen in the majority being for a hoard of 788XXX, resulting in a prevalent market today.

This is a representative of a pack of 1,5,10 peso banknotes that were issued as part of a pilot's rations. Meaning that this note accompanied a pilot who fought to liberate the Philippines from Japanese occupation in 1944. If they were shot down, they may use the totaling 100 pesos of 1,5 and 10 peso denominations to buy food and acquire enough resources to get to safety. My example is vf25, meaning that a naval pilot must have initiated its circulation into the economy. This is only identified through serial number E1328001E - E1348000E.

Ex: Louis Winterfield

This is a representative of a pack of 1,5,10 peso banknotes that were issued as part of a pilot’s rations. Meaning that this note accompanied a pilot who fought to liberate the Philippines from Japanese occupation in 1944. If they were shot down, they may use the totaling 100 pesos of 1,5 and 10 peso denominations to buy food and acquire enough resources to get to safety. My example is vf25, meaning that a naval pilot must have initiated its circulation into the economy. This is only identified through serial number E1328001E - E1348000E.

Ex: Louis Winterfield

This is a representative of a pack of 1,5,10 peso banknotes that were issued as part of a pilot’s rations. Meaning that this note accompanied a pilot who fought to liberate the Philippines from Japanese occupation in 1944. If they were shot down, they may use the totaling 100 pesos of 1,5 and 10 peso denominations to buy food and acquire enough resources to get to safety. My example is vf25, meaning that a naval pilot must have initiated its circulation into the economy. This is only identified through serial number E1328001E - E1348000E.

Ex: Louis Winterfield

He was a US civil war vet that was killed in the Philippine-American war when the US aimed to occupy the Philippines.

Notes featured are a 1920 50 peso Philippine National Bank. This note was unissued and was only circulated in WW2 in mindanao. The second red seal is a rare pre-WW2 1936 50 peso treasury certificate in rough shape, a lot was destroyed in the retreat of US and Filipino forces in Corregidor in 1942. I am fortunate to own in any condition, as there’s only 19 graded and they’re expensive. The next is a 1944 victory note issued after WW2 liberation. The note in best shape (UNC) is a 1949 post-independence victory note with “Central Bank of the Philippines” overprint to signify that the central bank (Bangko Sentral) now is the main authority of this note rather than the US government as it was in 1944.

I like the colorful backs and this set inspired me to start collecting. I plan to get a better 5 peso eventually, but I’m focusing on pre-war issues.

The “Central Bank of the Philippines” means that the original victory note was reused by the Central Bank (BSP now) to act as a transitional currency. I have a half-half so a mix of original victory and re-issued victory.