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1 Peso Conant, Red seal, Amended by 2 acts
| Issuer | Philippine National Bank |
|---|---|
| Year | 1921 |
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| Reference(s) | P#51 |
| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | PHILIPPINE NATIONAL BANK CIRCULATING NOTE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND ONE PESO IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS ISSUED UNDER THE PROVISIONS OF ACT NUMBERED 2612 AS AMENDED BY ACTS 2747 AND 2938 OF THE PHILIPPINE LEGISLATURE |
| Reverse description | Log in to see details |
| Reverse lettering | ONE PESO PHILIPPINE NATIONAL BANK CIRCULATING NOTE THIS NOTE IS RECEIVABLE BY THE PHILIPPINE GOVERNMENT IN PAYMENT OF ALL TAXES, DUES, OR OTHER CLAIMS DUE OR OWING TO SAID GOVERNMENT AND IS EXEMPT FROM ALL TAXES |
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| Comments |
The "Conant" designation refers to Charles A. Conant, the American financial adviser whose 1903 currency reforms established the gold-exchange peso as the foundation of Philippine monetary policy under U.S. administration. The Philippine National Bank, founded in 1916, inherited that framework and issued circulating notes against it — though by 1921 the PNB was already in serious financial trouble, having made massive unsecured loans during the post-WWI commodities boom that collapsed spectacularly in 1920.
The red seal distinguishes this issue from earlier black-seal printings of the series. "Amended by 2 acts" in the governing legislation text reflects successive U.S. Congressional modifications to the bank's charter — the wording change was legally required, not cosmetic.