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| 正面描述 | Intaglio-printed note with an oval portrait vignette of Jose Rizal at upper left, framed by foliate engraving and identified by his name below. The central field carries the bold diagonal legend 'PHILIPPINE ISLANDS' over 'TWO SILVER PESOS', flanked by a large guilloche numeral '2' at lower centre and elaborate scrollwork corner numerals. Two red wax-style treasury seals appear at left centre and right, the right seal inscribed 'Manila, Philippine Islands', with a red serial number and 'SERIES OF 1903' printed above and below at left and lower left. |
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| 背面描述 | Entirely engraved in dark blue ink, the reverse centres on a large lathe-work guilloche medallion enclosing the numeral '2', flanked symmetrically by crossed scrolls and laurel branch vignettes. The upper portion carries 'PHILIPPINE ISLANDS' in bold lettering between the legends 'SILVER CERTIFICATE' repeated at left and right within octagonal guilloche panels, while 'TWO SILVER PESOS' appears in a solid panel at the base. Solid numeral '2' corner pieces in dark blue complete the design at all four corners. |
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The Philippine Islands silver certificates of 1903 were authorized under the Philippine Commission's currency act of 1903, which established a new peso pegged to gold at fifty cents U.S. — an arrangement that made these notes redeemable in silver pesos but effectively tied to American monetary policy from the outset. The Bureau of Engraving and Printing produced the series, as it did for most early American colonial currency in the Philippines.
The "without text after 'demand'" designation distinguishes this pick from a variant that carries additional redemption language in that clause — a quiet but catalogically significant difference that affects attribution. The dual signature combinations reflect the transition between two Governor-General appointments: William Howard Taft left the Philippines in 1904, with Luke Wright succeeding him, while Branagan remained as Treasurer across both administrations.