1 peso 1944
Market Prices
125 salesAbout This Note
This Philippine Islands 1 Peso Treasury Certificate from 1944 (Pick P-94, Series 66) features Apolinario Mabini's portrait and the distinctive 'VICTORY' overprint on the reverse, commemorating the Allied victory in World War II. The note is in uncirculated condition with crisp printing, minimal wear, and well-preserved ornamental designs in beige, dark blue, and black on the obverse with orange tones on the reverse. The VICTORY Series represents a historically significant wartime issue that reflects the Philippines' status during the final year of Japanese occupation.
Common. Market data from realbanknotes.com shows consistent sales of this issue across all grades from 2009-2025, with raw notes in VF/EF condition typically selling between $4-$18 and PMG-graded examples ranging from $20-$150 depending on grade. The broad availability in the secondary market, high print run characteristic of wartime emergency issues, and regular appearance at auction indicate this is a commonly encountered note. The UNC grade specimen here is more desirable than circulated examples but remains readily obtainable.
Issued in 1944 by the Treasury of the Philippines during the final year of World War II, this note commemorates the anticipated Allied victory with its bold 'VICTORY' overprint. The series was produced under the authority of the Philippine Islands Commonwealth government, which maintained nominal sovereignty despite Japanese military occupation. The depiction of Apolinario Mabini, a Philippine independence leader and constitutional author, underscores the nation's aspirations for post-war sovereignty and democratic governance.
The obverse features a formal portrait of Apolinario Mabini positioned in the lower left, rendered in fine detail with dignified formal attire. The design is framed by ornate rectangular borders with geometric and scrollwork patterns. A circular seal on the right bears the 'COMMONWEALTH OF THE PHILIPPINES' text surrounding an eagle emblem, the official insignia of the wartime Philippine government. The reverse displays a cream-colored central area enclosed by an ornate rectangular border with orange/coral ornamental corner designs featuring elaborate scrollwork. The 'VICTORY' overprint appears prominently in large black letters across the back, the defining characteristic of this series. Serial numbers appear on both sides.
FRONT: 'By authority of an act of the Philippines legislature, approved by the president of the United States June 12, 1935' | 'This certifies that there has been deposited in the Treasury of the Philippines one peso, payable to the bearer on demand in silver pesos or in legal tender currency of the United States of equivalent value' | 'VICTORY SERIES NO. 66' (appears twice) | 'TREASURY CERTIFICATE' | 'MABINI' (identifying the portrait subject) | Serial number: F62338207. BACK: 'ONE PESO' (appears in multiple corner locations) | 'VICTORY' (large overprint text).
Intaglio/engraving, produced by the U.S. Bureau of Engraving and Printing (USBEP) without their imprint. The fine line work visible in the ornamental designs, geometric patterns, and portrait rendering are characteristic of high-quality intaglio security printing. The overprint 'VICTORY' appears to be applied as a separate operation, likely via letterpress or overprint die.
This is the standard P-94 'VICTORY' variety with 'SERIES NO. 66' appearing twice (replacing the typical date field), blue treasury seal, and signatures of Sergio Osmeña and J. Hernandez. The visual analysis confirms the characteristic VICTORY overprint on the reverse in large black letters, which distinguishes this issue from earlier 1 Peso notes. PMG catalogs one variant for this Pick number (P-94*). Serial number F62338207 places this within the normal range for this series.
