50 Pesos Philippine National Bank

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正面铭文	PHILIPPINE NATIONAL BANK CIRCULATING NOTE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND FIFTY PESOS IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS ISSUED UNDER THE PROVISIONS OF ACT NUMBER 2612 OF THE PHILIPPINE LEGISLATURE AS AMENDED BY ACT 2747 SERIES OF 1920 LAWTON FIFTY PESOS
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背面铭文	FIFTY PESOS PHILIPPINE NATIONAL BANK CIRCULATING NOTE FIFTY PESOS THIS NOTE IS RECEIVABLE BY THE PHILIPPINE GOVERNMENT IN PAYMENT OF ALL TAXES DUES OR OTHER CLAIMS DUE OR OWING TO SAID GOVERNMENT AND IS EXEMPT FROM ALL TAXES
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备注	The Philippine National Bank was established in 1916 partly to break Manila's dependence on foreign commercial banks, which had long controlled agricultural credit on the islands. These circulating notes, printed under contract by the Bureau of Engraving and Printing in Washington, gave the PNB a visible presence in daily commerce that its balance sheet alone could not provide. The 1920 date places this note squarely in the volatile post-WWI commodity slump that hit Philippine sugar and hemp exports hard — the same downturn that pushed the PNB itself into insolvency by 1921, requiring government intervention to prevent collapse.

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