1 Peso Victory

The Victory series was printed in Washington and held in the United States until the liberation of the Philippines was secured — the notes were physically shipped into the islands in the wake of MacArthur's 1944–45 campaign, replacing the Japanese Military Pesos that had circulated under occupation. The "VICTORY" overprint was a deliberate political act, invalidating the occupation currency while signaling the restoration of Commonwealth authority.

P#94 shares plate designs with pre-war Commonwealth issues, a practical decision that allowed rapid production without commissioning new artwork. The BEP had the dies already in hand.