Catalog
2 Pesos Circulating Note, Amended by 2 Acts
| Issuer | Philippine National Bank |
|---|---|
| Year | 1921 |
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| Shape | Rectangular |
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|---|---|
| Obverse lettering | PHILIPPINE NATIONAL BANK CIRCULATING NOTE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND TWO PESOS IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS ISSUED UNDER THE PROVISIONS OF ACT NUMBERED 2612 AS AMENDED BY ACTS 2747 AND 2938 OF THE PHILIPPINE LEGISLATURE TWO PESOS TWO PESOS SERIES OF 1921 |
| Reverse description | Entirely engraved in blue on a light underprint, the reverse is centred on a large circular guilloche medallion enclosing the numeral '2', surrounded by a ring of fine-line lettering and flanked by symmetrical laurel and palm branch vignettes. Large numeral '2' counters occupy each corner within ornate scrollwork frames, and the inscription 'PHILIPPINE NATIONAL BANK' runs along the top with 'CIRCULATING NOTE' in a cartouche at the bottom. |
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| Comments |
The Philippine National Bank was established by the colonial government in 1916 partly to break the grip of foreign banks — primarily British and American commercial institutions — on Philippine agricultural credit. By 1921, the PNB was in serious financial trouble, having extended ruinous loans to sugar planters during the post-WWI commodity boom; the bank nearly collapsed when sugar prices crashed in 1920–21 and required a government rescue.
The "Amended by 2 Acts" designation in the series title reflects legislative patches to the PNB's charter pushed through during that crisis period. The BEP in Washington handled all Philippine currency printing at this stage — the islands had no domestic printing capacity for security paper.