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| 正面描述 | Portrait vignette of George Washington at centre, flanked by a red numeral X at left and a red eagle seal at right, set against a fine guilloche underprint. A vertical overprint appears at centre left. The note bears the full legislative authority text and silver deposit guarantee inscriptions typical of Philippine Islands silver certificate issues. |
|---|---|
| 正面铭文 | SILVER CERTIFICATE SILVER CERTIFICATE BY AUTHORITY OF AN ACT OF THE CONGRESS OF THE UNITED STATES OF AMERICA APPROVED MARCH 9, 1903 THIS CERTIFIES THAT THERE HAVE BEEN DEPOSIT IN THE TREASURY OF THE PHILIPPINE ISLANDS TEN SILVER PESOS PAYABLE TO THE BEARER ON DEMAND TEN SILVER PESOS TEN SILVER PESOS SUBJECT TO THE PROVISIONS OF THE ACT OF CONGRESS APPROVED JUNE 23, 1906 |
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The Philippine silver certificates of 1903 were issued under the authority of the U.S. colonial administration following the Currency Act of 1903, which established the Philippine peso at a fixed rate of two to the U.S. dollar and created an entirely new monetary system for the archipelago. The Bureau of Engraving and Printing in Washington supplied the printed sheets; the overprint was applied to distinguish authorized issues from unissued stock, a precaution reflecting genuine concerns about counterfeiting and unauthorized release in a territory still under active military pacification.
Pick 27A is the overprinted variant within the series — the distinction matters because unoverprinted examples exist and carry different catalog values. Worth verifying which overprint type is present, as the series includes more than one.