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5 Pesos Victory
| Issuer | Treasury of the Philippines |
|---|---|
| Year | 1944 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Log in to see details |
| Composition | Log in to see details |
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| In circulation to | Log in to see details |
| Reference(s) | P#96 |
| Obverse description | Front-facing portrait vignette of President William McKinley at left and a right-facing portrait vignette of Admiral George Dewey at right, with a blue Treasury seal at centre right. The note bears the Treasury Certificate obligation text across the upper and central registers, with the denomination stated in full within the lower panel. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Log in to see details |
| Reverse lettering | FIVE PESOS FIVE PESOS VICTORY PHILIPPINES FIVE PESOS |
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| Comments |
The Victory series was prepared in Washington during the final years of Japanese occupation of the Philippines, intended for release immediately after liberation — which came with the Leyte landings in late 1944. The overprinted word "VICTORY" was a deliberate political signal, distinguishing Allied-issued currency from the Japanese Military Pesos (known locally as "Mickey Mouse money") that had collapsed in purchasing power and public trust.
The Treasury of the Philippines operated in exile in Washington during this period, which is why BEP production was the only practical option. Notes entered circulation rapidly after liberation and saw heavy use in the chaotic post-occupation economy.