50 Pesos Bank of the Philippine Islands, Red back

The Bank of the Philippine Islands was a private commercial institution chartered under Spanish colonial rule, and its continued operation into the American period required a fresh set of authorizations under the new administration. These notes were printed in Washington under contract — a common arrangement for Philippine issuers in the early American colonial period, when no adequate security printing facility existed in Manila.

The two signature combinations reflect successive officer tenures rather than distinct print runs, and separating them by date of issue is not straightforward. The Garcia & Sendres pairing is considerably scarcer in surviving examples.