20 Pesos William Jones, Blue seal, Yellow rays

The Philippine National Bank was established in 1916 partly to reduce Filipino dependence on foreign banks — particularly the Hong Kong and Shanghai Banking Corporation, which had effectively dominated commercial lending in the archipelago. These early PNB issues were printed by the BEP in Washington under a practical arrangement stemming from the American colonial administration's existing relationship with the bureau.

Pick 48 is among the scarcer PNB issues from this period. The blue seal variant distinguishes it from later seal color changes made as the bank adjusted its note authentication practice through the early 1920s. William Jones, for whom the series is named, served as U.S. Secretary of War — under whose department Philippine insular affairs fell at the time — and was instrumental in the Jones Act of 1916, which reorganized the colonial government and expanded Filipino legislative autonomy.