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10 Pesos Circulating Note, Red seal with Manila
| Issuer | Philippine National Bank |
|---|---|
| Year | 1916 |
| Type | Log in to see details |
| Value | 10 Pesos |
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| Composition | Log in to see details |
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|---|---|
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| Signature(s) | S. Ferguson & H. Parker Willis S. Mercado & V. Concepcion |
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| Variants | P#47a - signatures: S. Ferguson & H. Parker Willis P#47b - signatures: S. Mercado & V. Concepcion |
| Comments |
The Philippine National Bank was chartered in 1916 specifically to displace the private banks — particularly the Bank of the Philippine Islands — that had dominated colonial credit since the Spanish period. This note belongs to the PNB's inaugural circulating issue, authorized under Act No. 2612 of the Philippine Legislature, which granted the bank the power to issue currency backed by its own assets rather than through the insular treasury mechanism.
Two signature combinations are recorded for P#47. The Willis pairing reflects his brief but influential tenure as the PNB's first president; Willis had co-authored the Federal Reserve Act of 1913 before being posted to Manila.