NOTOFILIA Numismatics and Notaphily
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Vintage 3D relief map of the Philippine archipelago on parchment, with green islands, buildings, and the title Philippines in decorative lettering

Virtual collection

Philippines · Insular Government and Commonwealth

American period

The Philippine National Bank, created by Act No. 2612 of 1916, issued circulating notes engraved in Washington. This case opens with a 5-peso of that series — McKinley, blue seal, orange reverse — and continues with the liberation-series Treasury Certificates.

Victory Series No. 66 Treasury Certificates were the last paper money printed under United States administration in the Philippines. The U.S. Bureau of Engraving and Printing produced them in 10-subject sheets, with star replacements in the American manner.

According to the BEP, “No. 66” was chosen because that was the age attributed to President Manuel L. Quezon at the time of his death. Quezon was born on 19 August 1878 and died on 1 August 1944 at 65 — months before liberation — so the series number commemorates an age he did not reach. When Douglas MacArthur’s forces landed on Leyte on 20 October 1944, they brought crates of these certificates and issued them that same day. The series totaled ₱1,019,544,000.

That paper was meant to replace Japanese occupation currency: unbacked fiat notes, wrecked by hyperinflation and popularly called “Mickey Mouse” money. The Victory certificate again promised, on the face, silver pesos or United States legal-tender currency of equivalent value.

On 18 November 1944, Executive Order No. 25, signed by Sergio Osmeña, recognized Victory Pesos as legal tender alongside pre-war certificates and coin, at two Victory Pesos to one United States dollar.

In 1949, after the Central Bank of the Philippines was created, part of the series received a “CENTRAL BANK OF THE PHILIPPINES” overprint on the back (Pick 117 and later). The 500-peso notes were withdrawn on 25 August 1954 under Republic Act No. 1191, with a six-month exchange window (demonetization scheduled for 24 February 1955). Republic Act No. 1516 of 16 June 1956 extended that exchange through 31 December 1957. The remaining denominations, by Central Bank Circular No. 156 of 1963, were legal tender until 30 July 1964 and exchangeable until 30 July 1967. The Bangko Sentral ng Pilipinas places the series’ arrival in 1944 and confirms that the CBP overprints remained legal tender through 1964.

Philippine National Bank · Series of 1916

One Philippine National Bank circulating 5-peso, serial A2179586A, Mercado–Concepción signatures. The serial falls in a band that Republic Act No. 211 listed as reissued by the Japanese military authorities.

  1. Face of the PNB 5-peso, serial A2179586A: McKinley at left and the bank’s blue seal.

    5 Pesos · Philippine National Bank · 1916

    Pick P#46b · Serial A2179586A

    Open the note page →

Victory Series No. 66

Four unique certificates from the eight official denominations, left to right: 1, 2, 5, and 20 pesos. The 10-, 50-, 100-, and 500-peso notes have no example in this case. A second photograph of the 5-peso note (same serial F00618071) is not catalogued twice.

  1. Face of the 1-peso note, serial F70618009: Mabini at left and the blue Commonwealth seal.

    1 Peso · Victory Series No. 66

    Pick P#94a · Serial F70618009

    Open the note page →
  2. Face of the 2-peso note, serial F13317943: Rizal at left and the blue Commonwealth seal.

    2 Pesos · Victory Series No. 66

    Pick P#95a · Serial F13317943

    Open the note page →
  3. Face of the 5-peso note, serial F00618071: McKinley, Dewey, and the Commonwealth seal.

    5 Pesos · Victory Series No. 66

    Pick P#96a · Serial F00618071

    Open the note page →
  4. Slabbed face of the 20-peso P#98a, PMG 55 EPQ, serial F04661756, showing Mount Mayon.

    20 Pesos · Victory Series No. 66

    Pick P#98a · Serial F04661756

    Open the note page →

The full span of Victory Series No. 66

This case records the 1-, 2-, 5-, and 20-peso values. The official Bureau of Engraving and Printing issue ran to eight denominations, from 1 to 500 pesos (Pick 94–101). The values below are not in the collection; they are listed to complete the type and are not catalogued as holdings.

Those certificates were meant to replace the collapsed Japanese occupation circulating medium and restore a Treasury peso payable in silver or in United States currency of equivalent value.

Series denominations outside this case

10 pesos · P#97
Portrait of George Washington; brown as the main color. numismatics.ph records 16,825,600 notes of the Osmeña–Hernandez variety (serials F00000001–F18870000).
50 pesos · P#99
Portrait of General Henry Ware Lawton; pink as the main color. numismatics.ph records 1,884,686 notes of the Osmeña–Hernandez variety (serials F00000001–F02560000). The Bank Note Museum also lists a Treasurer-title variety (P#99b).
100 pesos · P#100
Portrait of Ferdinand Magellan; ochre as the main color. The Bank Note Museum lists three pairings: Osmeña–Hernandez (P#100a), Osmeña–Guevara (P#100b), and Roxas–Guevara (P#100c).
500 pesos · P#101
Portrait of Miguel López de Legazpi; violet as the main color. Withdrawn on 25 August 1954 (Republic Act No. 1191); Republic Act No. 1516 extended exchange through 31 December 1957. The Bank Note Museum lists Osmeña–Hernandez (P#101a), Osmeña–Guevara (P#101b), and Roxas–Guevara (P#101c).

Signature combinations

numismatics.ph and the Standard Catalog of World Paper Money distinguish three pairings. The printed title at right — Auditor General or Treasurer — identifies the combination. All four notes in this case are Osmeña–Hernandez.

Osmeña–Hernandez
Sergio Osmeña (President) and Jaime Hernandez (Auditor General). The most frequent pairing on nearly every denomination, including this case. On the 500-peso, that pairing is instead the smallest printing.
Osmeña–Guevara
Osmeña (President) and Marciano Guevara (Treasurer). The Bank Note Museum records it mainly on the 100- and 500-peso notes (P#100b and P#101b).
Roxas–Guevara
Manuel Roxas (President) and Guevara (Treasurer), after the 1946 transition. It is not cited on the 1-, 5-, or 10-peso notes; it does appear on the 2 and 20 (P#95b, P#98b) and on the 50, 100, and 500. The 2- and 20-peso notes in this collection are Osmeña–Hernandez, not that scarcer variety.

Frequently asked questions

What is the 1916 Philippine National Bank 5-peso?

It is a Philippine National Bank circulating note, engraved by the BEP under Act No. 2612. This piece, P#46b, is serial A2179586A with Mercado and Concepción signatures. That serial falls in a band Republic Act No. 211 listed as reissued by the Japanese military authorities.

What is Victory Series No. 66?

They were the last Treasury Certificates printed under United States administration in the Philippines, engraved by the BEP and issued on 20 October 1944 at Leyte, to replace Japanese occupation paper known as “Mickey Mouse” money. “No. 66” commemorates the age attributed to Manuel L. Quezon at death. The official issue ran to eight denominations, from 1 to 500 pesos (Pick 94–101).

Which Victory Series denominations are missing from this case?

The 10-peso (Washington, P#97), the 50 (General Lawton, P#99), the 100 (Magellan, P#100), and the 500 (Legazpi, P#101) have no example here. The official Treasury issue ran to eight denominations, Pick 94 to 101; Notofilia shows the 1, 2, 5, and 20. The 500-peso was withdrawn on 25 August 1954 (Republic Act No. 1191); Republic Act No. 1516 extended exchange through 31 December 1957.

What signature combinations does Victory Series No. 66 have?

Three pairings. Osmeña–Hernandez (President and Auditor General) is the most frequent on nearly every denomination — and the pairing on all four notes here; on the 500-peso it is instead the smallest printing. Osmeña–Guevara (President and Treasurer) is recorded mainly on the 100- and 500-peso notes. Roxas–Guevara, after 1946, is not recorded on the 1-, 5-, or 10-peso; it does appear on the 2 and 20 (P#95b, P#98b) and on the high values.

What is “Mickey Mouse” money next to the Victory Pesos?

That was the popular name for Japanese military-occupation fiat paper, wrecked by hyperinflation. Victory certificates, issued at Leyte on 20 October 1944 and recognized by Executive Order No. 25, restored a Treasury peso payable in silver or in United States currency of equivalent value.

Which Philippine paper does this collection document?

One 1916 National Bank 5-peso (serial A2179586A) and four unique Victory certificates, lined up by denomination: 1, 2, 5, and 20 pesos of the Commonwealth. A second photograph of the Victory 5-peso with the same serial is not catalogued twice.

Are Notofilia’s Philippine notes for sale?

No. They are pieces from a private collection, with Pick references and a grade when known, and none is for sale. Part of the Victory series received the 1949 Central Bank of the Philippines overprint (Pick 117 and later).

Sources

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