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1 Peso Conant, Red seal, Amended by 3 acts
| Issuer | Philippine National Bank |
|---|---|
| Year | 1924 |
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| Shape | Rectangular |
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| Obverse description | Intaglio-printed note with a portrait vignette of Charles A. Conant at left, his name inscribed below, set against a finely engraved guilloche underprint. The denomination "ONE PESO" appears in bold lettering at centre, flanked by numeral "1" cornerpieces, with the large circular red seal of the Philippine National Bank at right. The legend "SERIES OF 1924" is printed at upper right, with two manuscript signatures of the Cashier and President below the central text and the statutory issue authority in small lettering at lower right. |
|---|---|
| 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 AND 3005 OF THE PHILIPPINE LEGISLATURE SERIES OF 1924 |
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| Comments |
The "Conant" designation on Philippine National Bank currency refers to Charles A. Conant, the American financial advisor whose 1903 monetary reform established the gold-exchange peso at exactly half a U.S. dollar — a peg that shaped Philippine banknote design and denomination structure for decades. The red seal distinguishes this 1924 issue from earlier PNB circulating notes and reflects amendments introduced through successive legislative acts modifying the bank's original 1916 charter.
BEP-printed Philippine issues from this period are often found with foxing along the margins due to tropical storage conditions — a recurring problem with paper stocks not formulated for high-humidity environments.