10 Pesos Treasury Certificate, Red seal

The 1918 Treasury Certificate series was the first paper currency issued by the American colonial administration under its own Philippine treasury apparatus, distinct from earlier Silver Certificate and Bank Note issues that had circulated since 1903. The red seal designates Treasury Certificate status — a deliberate differentiation from the contemporaneous blue-seal issues that were backed by specific silver deposits held in Washington.

The Bureau of Engraving and Printing produced these in Washington, then shipped them across the Pacific for release through Manila. Attrition in the tropical Philippine climate was severe — humidity, insects, and wartime conditions all took their toll — which accounts for the relative scarcity of high-grade survivors from this series.