100 Pesos Treasury certificate, Commonwealth seal

The Commonwealth of the Philippines came into existence on 4 November 1935, and this series — bearing the new Commonwealth seal rather than the old Insular Government imprint — marks the monetary transition that accompanied that change in political status. The Bureau of the Treasury, not a central bank, remained the issuing authority; the Philippines would not establish the Bangko Sentral until 1949.

Printed by the BEP in Washington, as the colonial series had been throughout the American period. The Japanese occupation beginning December 1941 rendered these notes effectively stranded — the Commonwealth government in exile could not redeem or replace them, and large quantities were deliberately destroyed by retreating forces to prevent capture.