1 peso 1949

Common. This note represents a routine issue from the early Central Bank period and the Victory Series was produced in substantial quantities. eBay market data shows consistent sales in the $35-$80 range for graded examples (PMG 63-64), with UNC catalogue values at $15, indicating strong collector availability. The relatively low price points and regular transaction frequency demonstrate this is not a scarce variety. Millions of these notes were printed and many survive in circulation or collections.

This Victory Series note was issued in 1949, shortly after Philippine independence from the United States (achieved in 1946), as the Central Bank of the Philippines reasserted monetary sovereignty by overprinting earlier Treasury certificates. The note's reference to currency equivalency in U.S. dollars and the legislative authority dating to 1922 reflects the transitional period when the Philippines was transitioning from American commonwealth status to full independence. The portrayal of Apolinario Mabini, a prominent Filipino revolutionary and political figure, underscores the nation's emphasis on its independence struggle and national identity during this formative period.

The obverse features a formal three-quarter profile portrait of Apolinario Mabini (1864-1903), labeled 'MABINI,' depicted as a bald gentleman in formal attire with bow tie, positioned on the left side of the note. The design incorporates Renaissance-influenced ornate elements including circular medallions with intricate engraved patterns in all four corners, large denomination numerals '1' in decorated rectangular frames at top corners, and elaborate guilloche border designs. The right side displays the Commonwealth of the Philippines seal featuring mountain and eagle imagery within a circular frame. The color scheme on the front is primarily black with beige/cream underprint and red/pink tints in background areas. The reverse employs a distinct orange and coral color palette with elaborate Baroque-style scrollwork and symmetrical decorative rectangular frames framing the central text 'VICTORY OF THE PHILIPPINES,' creating a striking visual contrast to the formal front design. Both sides showcase fine-line engraving characteristic of period security printing.

FRONT SIDE: 'BY AUTHORITY OF AN ACT OF THE PHILIPPINE LEGISLATURE, APPROVED BY THE PRESIDENT OF THE UNITED STATES SINCE 1922' — By authority of an act of the Philippine legislature, approved by the president of the United States since 1922; 'PHILIPPINES ONE PESO' — Philippines one peso; 'VICTORY SERIES NO. 66' — Victory series no. 66; 'THIS CERTIFIES THAT THERE HAS BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINES' — This certifies that there has been deposited in the treasury of the Philippines; 'PAYABLE TO THE BEARER ON DEMAND' — Payable to the bearer on demand; 'IN SILVER PESOS OR IN LEGAL TENDER CURRENCY OF THE UNITED STATES OF EQUIVALENT VALUE' — In silver pesos or in legal tender currency of the United States of equivalent value; 'TREASURY CERTIFICATE' — Treasury certificate; 'COMMONWEALTH OF THE PHILIPPINES' — Commonwealth of the Philippines; Serial number: F78380231. REVERSE SIDE: 'VICTORY' — Victory; 'OF THE PHILIPPINES' — Of the Philippines; 'CENTRAL BANK' — Central bank; 'ONE PESO' — One peso (repeated three times).

This note was produced using traditional intaglio (engraved steel plate) printing, as evidenced by the fine-line engraving visible throughout both sides, complex guilloche patterns, detailed portrait rendering, and layered security design elements. The elaborate ornamental designs and portrait work are consistent with Bureau of Engraving and Printing (BEP) standards, though specific printer identification for this overprinted variety would require additional documentation. The two-color printing on the obverse (black and background tints) and single-color reverse printing (orange) reflect typical post-war Philippine security printing practices for overprinted Treasury certificates converted to Central Bank notes.

This is specifically Pick P-117c, characterized by the red overprint 'CENTRAL BANK OF THE PHILIPPINES' applied to earlier Philippines P-94 Treasury certificates as part of the Victory Series overprinting program. The visual analysis confirms the 'VICTORY' overprint and thin lettering style noted in reference catalogs. The serial number prefix 'F' and series designation 'VICTORY SERIES NO. 66' are consistent with this variety. PMG population data indicates at least one closely related variant (P-117b*) exists in the 'VICTORY SERIES' designation, suggesting multiple sub-varieties within this Pick number based on overprint specifications or serial numbering characteristics.