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2 Pesos Treasury certificate, Without pesos over 2, Red 2
| Issuer | Treasury of the Philippine Islands |
|---|---|
| Year | 1924 |
| Type | Standard circulation banknote |
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| Obverse description | Intaglio-printed note in black on pale underprint; oval vignette at left contains a bust portrait of José Rizal facing three-quarters right, with his name inscribed below. The central field carries the bold letterpress titles PHILIPPINE ISLANDS and TWO PESOS above the payability clause, with a large red guilloche numeral 2 at center-left serving as a secondary denomination indicator. A circular red seal of the Government of the Philippine Islands, United States of America, inscribed MANILA, appears at right, flanked by two facsimile signatures of the Governor General and the Treasurer. |
|---|---|
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| Reverse lettering | TREASURY CERTIFICATE PHILIPPINE ISLANDS TREASURY CERTIFICATE TWO PESOS TWO PESOS TWO PESOS 2 |
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| Comments |
The "Without pesos over 2" designation is the key distinguishing feature of this variety — earlier printings of the 2 Peso treasury certificate included the word "PESOS" above the numeral on the face, and its omission here is a plate alteration, not an error. The three signature combinations reflect the consecutive tenures of two American Governors-General, Leonard Wood and Henry L. Stimson, paired with Simeon Lagdameo as Treasurer, capturing a stretch of colonial fiscal administration through the mid-to-late 1920s.
Philippine treasury certificates of this period were denominated in pesos but backed by U.S. dollar reserves held in Washington — a currency regime established under the 1903 Coinage Act that kept the Philippine peso locked at two to the dollar.