Catalog
1 Peso
| Issuer | Philippine National Bank |
|---|---|
| Year | 1917 |
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| Composition | Paper |
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|---|---|
| Obverse lettering | ONE PESO PHILIPPINE NATIONAL BANK EMERGENCY CIRCULATING NOTE ISSUED UNDER THE PROVISIONS OF ACT NO 2612 OF THE PHILIPPINE LEGISLATURE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND ONE PESO ONE PESO GOLD HAS BEEN DEPOSITED IN THE INSULAR TREASURY FOR THE REDEMPTION OF THIS CERTIFICATE ONE PESO ONE PESO |
| Reverse description | Printed entirely in red on cream paper; a central oval vignette contains an American bald eagle facing left with wings spread, perched above foliage, enclosed within a banner reading 'PHILIPPINE NATIONAL BANK'. Below the eagle vignette, a curved ribbon cartouche bears the inscription 'ONE PESO EMERGENCY CIRCULATING NOTE', with the place and date 'MANILA, P.I.' and 'SEPT. 22, 1917' flanking the eagle at centre. Corner panels carry numeral '1' denomination indicators within guilloche frames. |
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| Comments |
The Philippine National Bank was established in 1916 partly to break the American colonial administration's dependence on foreign financial institutions, and this 1917 issue was among the earliest notes the bank produced. Unusually for the period, printing was handled locally in Manila rather than contracted to a metropolitan American security printer — a deliberate political choice by the PNB's first administration to demonstrate institutional self-sufficiency.
The 1 Peso denomination circulated heavily during the First World War years, when silver coin shortages created genuine demand for small-denomination paper. Surviving examples in any decent state are harder to find than the low face value might suggest.