10 Pesos Victory

The Victory series was prepared in Washington before the liberation of the Philippines and rushed into use as Allied forces retook the islands from late 1944 onward. The overprint "VICTORY" was added specifically to distinguish these notes from the Japanese Military Administration issues that had flooded the economy during the occupation — a psychological as much as a monetary measure, since public confidence in paper currency had been badly damaged by wartime inflation and forced acceptance of occupation scrip.

Counterfeiting of occupation currency by both Filipino guerrillas and U.S. intelligence had been systematic enough that distinguishing legitimate postwar tender required something unambiguous. The single word did that work efficiently.