Catalog
2 Pesos Circulating Note, Amended by 2 Acts
| Issuer | Philippine National Bank |
|---|---|
| Year | 1921 |
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| Reference(s) | P#52 |
| Obverse description | Intaglio-printed note with a dark green and black colour scheme on a yellow-tan underprint. An oval vignette at left bears a portrait of José Rizal, identified by his name below, flanked by tropical foliage. A large red numeral '2' guilloche vignette appears at lower centre, with a second large '2' in the lower right corner area, and a circular red bank seal at upper right. The statutory issue text citing Act No. 2612 as amended by Acts 2747 and 2938 of the Philippine Legislature appears at lower right, with two manuscript signatures below — Cashier at left and President at right. |
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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 |
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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.