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2 Pesos Circulating note
| Issuer | Philippine National Bank |
|---|---|
| Year | 1916 |
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| Printer | Bureau of Engraving and Printing, United States (1862-date) |
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| Obverse description | Portrait vignette of José Rizal at left within an oval frame, flanked by foliate ornaments, with a large intaglio numeral '2' underprint at centre. The denomination 'TWO PESOS' is printed in bold letterpress across the middle of the note, and a circular red seal of the Philippine National Bank appears at right, dated Manila 1916. Two facsimile signatures appear at lower centre, with 'Series of 1916' indicated at lower left. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Printed in blue, the reverse centres on an elaborate guilloche medallion enclosing a large numeral '2', flanked symmetrically by crossed cornucopiae and laurel branch vignettes. Large ornamental numerals '2' occupy each corner within guilloche rosettes, and the bank title 'PHILIPPINE NATIONAL BANK' runs across the top with 'CIRCULATING NOTE' at the bottom in a solid panel. Circular legend text runs around the central medallion referencing the Philippine Government guarantee. |
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| Comments |
The Philippine National Bank was chartered in 1916 specifically to address the credit vacuum left by foreign banks unwilling to finance Philippine agriculture and small industry. This note entered circulation almost immediately after the bank's founding, making it among the earliest instruments the PNB issued under its own authority rather than through colonial treasury arrangements.
The Bureau of Engraving and Printing's involvement was a deliberate political choice — Washington wanted Philippine paper currency to carry the same production credibility as U.S. Federal notes. That relationship with the BEP persisted across multiple Philippine issuing authorities well into the Commonwealth period.