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Central intaglio vignette of George Washington in three-quarter portrait, set within a laurel wreath cartouche, with the legend WASHINGTON beneath. A large red Roman numeral X occupies the left field, with a matching serial number in red below it, while a circular red seal of the Philippine National Bank is positioned at right. Intricate guilloche borders frame all four sides, with numeral 10 corner pieces, and two signature facsimiles appear at lower centre — Cashier at left and Chairman, Board of Directors at right. |
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TEN PESOS PHILIPPINE NATIONAL BANK CIRCULATING NOTE THIS NOTE IS RECEIVABLE BY THE COMMONWEALTH OF THE PHILIPPINES IN PAYMENT OF ALL TAXES, DUES OR OTHER CLAIMS DUE OR OWING TO SAID GOVERNMENT AND IS EXEMPT FROM ALL TAXES UNITED STATES BUREAU OF ENGRAVING AND PRINTING |
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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.