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| 正面铭文 | TREASURY CERTIFICATE BY AUTHORITY OF AN ACT OF THE PHILIPPINE LEGISLATURE APPROVED BY THE PRESIDENT OF THE UNITED STATES MAY 6, 1918 THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINE ISLANDS TWENTY PESOS PAYABLE TO THE BEARER ON DEMAND IN SILVER PESOS OR IN GOLD COIN OF THE UNITED STATES OF EQUIVALENT VALUE PHILIPPINE ISLANDS SERIES OF 1918 |
| 背面描述 | Uniform orange-gold engraved design with a central oval vignette containing the arms of the Philippine Islands, surrounded by an elaborate guilloche pattern and foliate scrollwork. The numeral '20' appears in each corner within decorative cartouches, and the denomination 'TWENTY PESOS' is rendered in bold serif lettering across the bottom panel. The legends 'TREASURY CERTIFICATE' appear in the upper left and upper right registers. |
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The Philippine Islands Treasury Certificates of 1918 replaced the earlier Silver Certificates series as part of a deliberate American colonial policy to move away from a currency redeemable in specific coin. The new certificates were backed by a general treasury reserve rather than silver pesos held on deposit — a meaningful shift in how Manila managed its monetary obligations to an island economy still running largely on Spanish-era commercial habits.
The "Blue XX" designation distinguishes this from the red-seal variant of the same denomination, P#63b, issued concurrently. BEP production records from this period show both color variants were printed in the same Washington runs, the seal color being the primary security differential rather than any change in plate or paper stock.