500 Pesos Victory

The Victory Series notes were prepared in Washington in anticipation of the Allied liberation of the Philippines, with this 500 Peso denomination among the highest values in the issue. The overprint word "VICTORY" was applied to differentiate these notes from the pre-war Commonwealth series and, critically, to repudiate the Japanese Military Administration peso issues that had flooded the islands during the occupation.

Two signature combinations exist on P#101 — Osmeña paired with Guevara reflects the Osmeña government-in-exile period, while the Roxas variant dates to the transitional administration ahead of formal independence in July 1946. The Roxas-signed notes are considerably scarcer.