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| 正面描述 | Black letterpress on cream paper with elaborate guilloche border; the issuer's name 'PHILIPPINE NATIONAL BANK' and 'EMERGENCY CIRCULATING NOTE' appear in bold serif lettering across the upper field, with a circular blue seal at centre. A central scroll cartouche bears the denomination 'ONE PESO', flanked by numeral '1' corner vignettes and laurel branch ornaments, with serial numbers printed in blue at left and right; below, a text panel states that one peso gold has been deposited in the Insular Treasury for redemption, with two manuscript signatures and their titles at lower left and lower right. |
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| 正面铭文 | 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 |
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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.