100 Pesos Victory, Central Bank

The "Victory" overprint series bridges an awkward moment in Philippine monetary history — the Japanese occupation had flooded the islands with military pesos of no postwar value, and the Commonwealth government needed a way to re-establish legitimate currency quickly before a proper central bank apparatus was fully operational. Notes in this series were printed by the BEP in Washington and carried the overprint as an explicit repudiation of the occupation issues.

Three signature combinations exist for P#123, spanning the Osmeña and Roxas administrations. The Roxas pairing is the most historically compressed — Roxas died in office in April 1948, making his signed notes products of a very short window.