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100 Pesos Treasury Certificate
| Issuer | Philippines (Treasury) |
|---|---|
| Year | 1918 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Log in to see details |
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| Engraver(s) | Bureau of Engraving and Printing, United States |
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| Obverse description | Black intaglio on green underprint. A front-facing bust vignette of Ferdinand Magellan occupies the centre, framed by foliate ornamentation; a red Treasury seal appears at right. The overall layout follows the formal engraved style typical of Philippine Treasury Certificates of the 1918 series. |
|---|---|
| Obverse lettering | Log in to see details |
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| Variants | P#65a - signatures: Harrison & Fitzsimmons P#66b - signatures: Harrison & Carmona |
| Comments |
Treasury Certificates were introduced in the Philippines under American administration as a parallel currency to the silver peso, backed by the peso's silver reserve rather than by direct coin redemption. The 1918 series coincides with wartime disruptions to silver supply and shipping, which created real pressure on the Philippine Treasury's ability to maintain specie backing — though the certificates themselves continued to circulate without public incident.
Two signature combinations exist for this pick number, reflecting successive Insular Treasurer appointments. The Harrison & Carmona pairing is the scarcer of the two. BEP production means the intaglio work is sharp, but these saw genuine tropical circulation, and paper degradation is a documented issue with surviving examples.