目录
| 正面描述 | The Central Bank of the Philippines Type 1 seal — circular, bearing an allegorical vignette and dated 1949 — anchors the left of the face, set against a fine guilloche underprint in red. A large ornate numeral "5" dominates the centre, below which a ribbon cartouche carries the denomination legend, with the serial number positioned to the right. Two facsimile signatures appear at the foot — those of the President of the Philippines and the Governor of the Central Bank — accompanied by the legal tender clause at the lower right, all executed in red letterpress on cream paper within an intricate geometric border. |
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| 正面铭文 | CENTRAL BANK OF THE PHILIPPINES THIS NOTE IS A LIABILITY OF THE CENTRAL BANK AND IS FULLY GUARANTEED BY THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES FIVE CENTAVOS THIS NOTE IS LEGAL TENDER IN THE PHILIPPINES FOR ALL DEBTS PUBLIC AND PRIVATE |
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Waterlow & Sons printed this series for the Central Bank of the Philippines under a contract arrangement that reflected postwar Manila's limited domestic printing capacity. Waterlow had long-standing ties to Asian and Pacific currency clients — including Malaya and Hong Kong — and the Filipino contract fit a familiar pattern of newly independent states outsourcing security printing to established British firms while building their own infrastructure.
P#126 is among the lower-denomination notes of the 1949–1953 series and circulated hard. Survivors in collectible condition are underestimated by the market relative to their actual scarcity.