10 Pesos Circulating note, Red seal without Manila

The Philippine National Bank began issuing circulating notes through the Bureau of Engraving and Printing in Washington well before Commonwealth status reshaped the islands' financial institutions. This particular series distinction — red seal, without the Manila overprint — places the note in a transitional moment for PNB paper, when branch designations were still being inconsistently applied across the circulation series. Notes without the Manila designation were intended for general island-wide use rather than tied to a specific branch redemption point.

The series was largely swept from circulation by the Japanese military administration's currency replacement program beginning in late 1941, making pre-war PNB survivors disproportionately scarce relative to their original print runs.