1 Peso Conant, Blue seal

The Conant designation honours Charles A. Conant, the American financial adviser who restructured the Philippine monetary system following the 1903 Currency Act — the legislation that pegged the peso to the US dollar at exactly two to one and replaced the unwieldy silver certificates that had preceded it. Philippine National Bank notes of this period were effectively instruments of colonial fiscal management, used in part to finance wartime infrastructure and sugar crop loans during a significant expansion of PNB's agricultural lending.

The blue treasury seal distinguishes this issue from the red-seal series. Both were printed in Washington, making the Philippines unusual among US-administered territories in having its currency produced entirely by the BEP rather than any local authority.