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| 正面铭文 | TREASURY CERTIFICATE BY AUTHORITY OF AN ACT OF THE PHILIPPINE LEGISTATURE APPROVED BY THE PRESIDENT OF THE UNITED STATES JUNE 13, 1922 THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OT THE PHILIPPINES FIVE PESOS PAYABLE TO THE BEARER ON DEMAND IN SILVER PESOS OR IN LEGAL TENDER CURRENCY OF THE UNITED STATES OF EQUIVALENT VALUE VICTORY SERIES NO. 66 MCKINLEY DEWEY FIVE PESOS |
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| 背面铭文 | FIVE PESOS CENTRAL BANK VICTORY OF THE PHILIPPINES 5 |
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The "Victory" series was the Philippines' first currency issued under the newly established Central Bank, which opened in January 1949 under Republic Act 265. These notes replaced the wartime and transitional issues that had circulated since liberation, and the Central Bank's creation itself was a deliberate break from the pre-war arrangement under which the Philippine National Bank and the Bank of the Philippine Islands had shared note-issuing authority.
Printing by the BEP in Washington reflected a practical continuity — the Philippines had relied on American security printing infrastructure since the Commonwealth period, and domestic printing capacity simply didn't exist yet. The Bangko Sentral ng Pilipinas wouldn't establish its own Security Plant Complex until the 1970s.