2 Pesos

The P#134 series spans a notably long print run — fourteen years across what were some of the most economically turbulent decades in postwar Philippine history. Thomas De La Rue produced the plates in London, a holdover arrangement from the Commonwealth period when Philippine currency security printing was contracted abroad rather than handled domestically. The Bangko Sentral ng Pilipinas would not develop meaningful in-house printing capacity until considerably later.

Long-running series like this one tend to accumulate signature varieties, and P#134 is no exception — collector value shifts considerably depending on which treasurer-governor pairing appears on a given example.