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| 表面の説明 | Intaglio-printed portrait of Congressman William A. Jones within an oval laurel vignette at centre, flanked by elaborate guilloche scrollwork and large numeral 20 counters at left and right; a red Roman numeral XX underprint appears at lower left with the series authorization text at upper left. A circular red seal of the Philippine National Bank is positioned at right, with the note title and issuing authority in bold letterpress across the top. |
|---|---|
| 表面の銘文 | PHILIPPINE NATIONAL BANK CIRCULATING NOTE ISSUE AUTHORIZED MARCH 24, 1937 UNDER THE PROVISIONS OF ACT NUMBER 2612 OF THE PHILIPPINE LEGISLATURE AS AMENDED THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND TWENTY PESOS IN LAWFUL MONEY OF THE PHILIPPINES SERIES OF 1937 WILLIAM A. JONES |
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The Philippine National Bank was established in 1916 partly to displace American private banking interests from Manila's credit markets, and by the 1930s it had become the primary instrument of Commonwealth fiscal policy. This 1937 issue was printed by the BEP in Washington under the continuing arrangement whereby Philippine currency production remained a federal contract well into the Commonwealth period — a practical dependency that persisted despite the 1935 constitution's nominal financial autonomy.
The red seal distinguishes this from the earlier blue-seal P#58 of the same denomination. William Jones, U.S. Secretary of War 1913–1916, had direct authority over insular affairs during the period when the PNB's founding legislation was drafted.