20 Pesos Mountain, Philippines, Red seal

Issued under the Commonwealth of the Philippines, this note circulated during a politically anomalous period — the Commonwealth government held domestic authority but remained tied to US federal monetary controls, which is why the Treasury of the Philippines issued notes through the BEP in Washington rather than any local facility. The arrangement reflected the 1935 constitution's transitional structure, designed to phase toward full independence by 1946.

Much of this series was destroyed during the Japanese occupation after 1941 — either deliberately burned during the retreat or lost when Manila fell. Survivors in collectible condition are disproportionately rare relative to the original print run.