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 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 as President Manuel L. Quezon’s age at 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.

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 The 500-peso notes were withdrawn earlier under Republic Acts 1191 and 1516. 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 that 1964 date.