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| 正面描述 | Printed in red on plain paper, this emergency circulating note carries the heading 'Philippine National Bank' with the subordinate text 'Emergency Circulating Note of 1942' and a statement of authority referencing the President of the Philippines. The central panel bears the denomination 'FIVE PESOS' in bold letterpress, above the legend 'In Lawful Currency of the Philippines / ILOILO CURRENCY COMMITTEE,' with flanking allegorical vignettes printed in red. Three signature lines appear at the lower portion, designated for the Pro-Auditor Member, Acting Chairman of P.N.B. Iloilo, and Pro-Fiscal Member, with the series date 1942 noted at upper left. |
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| 正面铭文 | PHILIPPINE NATIONAL BANK Emergency Circulating Note of 1942 Issued by Authority of the President of the Philippines 1942 Philippine National Bank WILL PAY THE BEARER ON DEMAND FIVE PESOS In Lawful Currency of the Philippines ILOILO CURRENCY COMMITTEE Series of 1942 MacArthur Pro-Auditor Member Actg. Chairman P.N.B. Iloilo Pro-Fiscal Member |
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The Iloilo Currency Committee notes of 1942 are among the more unusual wartime emergency issues in Philippine numismatic history. When Japanese forces advanced through the islands in early 1942, provincial officials and local branches of the Philippine National Bank scrambled to produce emergency currency before occupation cut off access to Manila. The Iloilo issues were printed locally under improvised conditions, with limited materials — which accounts for the inconsistent paper stocks and variable print quality seen across the series.
Genuine examples were in circulation for a matter of weeks before Iloilo fell. Survival rate is low, and forgeries contemporary to the period are documented.