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| 正面描述 | Vignette of Miguel López de Legazpi in three-quarter bust at left, wearing a wide-brimmed hat, set against a guilloche underprint with the large numeral '500' at center. A circular red Treasury seal appears at right, with the denomination stated in large letterpress text along the lower border reading 'FIVE HUNDRED PESOS' and 'TREASURY CERTIFICATE'. |
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| 背面描述 | Intricate purple guilloche design with the denomination '500' repeated at each corner and ornate geometric lathe-work patterns filling the central field, typical of intaglio-printed Treasury certificates of the Commonwealth period. |
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The Philippine Treasury Certificates of this series were printed in Washington under a colonial fiscal arrangement that required Manila to rely entirely on U.S. federal printing infrastructure — the Bureau of Engraving and Printing produced Philippine currency alongside U.S. federal issues as a matter of course during the Commonwealth period. The 500 Peso denomination was never intended for ordinary commerce; it functioned primarily in interbank settlement and large government transactions.
Most of the 1936 high-denomination stock was destroyed during or immediately after the Japanese occupation, either in the wartime bonfires ordered by retreating American and Filipino forces in 1941–42 or in postwar demonetization. Survivors at this denomination are rare for precisely that reason.