2 Pesos Philippines, Treasury certificate

The Treasury Certificate series was introduced under the Commonwealth of the Philippines, established in 1935 as the transitional government preceding full independence. These notes replaced the earlier Silver Certificate issues and were backed by a peso-for-peso silver reserve held in Manila — a requirement written into the 1903 Coinage Act framework that the Commonwealth inherited and maintained.

The Bureau of Engraving and Printing in Washington produced the full series, a arrangement that would be abruptly interrupted when Japanese forces occupied Manila in January 1942 and remaining stocks were either destroyed or captured.