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500 Pesos Victory, Central Bank
| Issuer | Central Bank of the Philippines |
|---|---|
| Year | 1949 |
| Type | Standard circulation banknote |
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| Obverse description | Intaglio-printed note in dark green on light guilloche underprint, with a three-quarter vignette portrait of Miguel López de Legazpi at lower left, wearing a broad-brimmed hat, set against elaborate foliate scrollwork borders. The large numeral '500' and 'PESOS' denomination text dominate the centre, with 'PHILIPPINES' in bold arched lettering above and 'FIVE HUNDRED PESOS / TREASURY CERTIFICATE' along the lower margin. A circular blue Commonwealth of the Philippines seal overlaid with a red diagonal cancellation line appears at right, with 'VICTORY SERIES NO. 66' inscribed twice. |
|---|---|
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| Reverse lettering | FIVE HUNDRED PESOS CENTRAL BANK OF THE PHILIPPINES VICTORY 500 |
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| Comments |
The "Victory" designation refers to the overprint series applied to pre-independence Philippine notes — a stopgap measure following the destruction of currency stocks during the Japanese occupation and the chaos of liberation. By the time the Central Bank of the Philippines was formally established in 1949, these notes were already transitional instruments, bridging the Commonwealth-era monetary system and the new republic's own currency framework.
Three signature combinations are known for P#124, spanning the tenures of Osmeña and Roxas as presidents — a detail that quietly traces the political handover of 1946. The Roxas/Guevara pairing is generally the scarcer find at this denomination.