1 peso 1942
“Ilocos Norte”
Market Prices
About This Note
This is an Emergency Treasury Certificate for One Peso issued by the Commonwealth of the Philippines, Province of Ilocos Norte (note: the visual analysis indicates "Lagos Norte" but catalog data specifies Ilocos Norte), dated June 15, 1942—a scarce wartime financial instrument from the Japanese occupation period. The note exhibits heavy aging with significant foxing, staining, and creasing throughout, consistent with its VF condition grade; notably, both obverse and reverse bear large purple administrative stamps ('PAID' on front, 'CANCELLED' on reverse), indicating this was an officially retired certificate. The presence of handwritten signatures, provincial authority seals, and the legal tender declaration make this an important document of Philippine wartime emergency finance.
Common. While Emergency Treasury Certificates from the Philippine occupation period (1942-1945) are historically significant, the eBay price data provided shows this note trading in the $2.95–$20.00 USD range across various condition grades, with VF examples at approximately $20.00 USD. This pricing indicates steady collector demand but regular availability in the market. The Commonwealth of the Philippines issued these certificates in multiple series across numerous provinces; print runs were substantial to meet wartime currency demand. Serial number 26156 suggests a mid-range issue within the series. The 'CANCELLED' and 'PAID' stamps indicate official retirement but do not indicate scarcity.
Issued during the Japanese occupation of the Philippines in mid-1942, this Emergency Treasury Certificate represents the Commonwealth government's wartime monetary response when normal currency circulation was disrupted. The document explicitly declares itself legal tender under presidential authority and threatens punishment for refusal to accept it, reflecting the desperate financial conditions of the occupation period. The provincial issuance through Ilocos Norte authorities and the 'FIFTH SERIES' designation indicate this was part of a coordinated emergency currency system implemented across Philippine provinces during 1942.
This is a provincial emergency currency certificate rather than a traditional banknote, featuring a utilitarian design appropriate to wartime conditions. The obverse displays the official Commonwealth government seal, certification language authorizing the One Peso denomination, and designated signature lines for the provincial Governor and Provincial Treasurer. The reverse contains the legal authority text declaring the certificate legal tender and threatening penalties for non-acceptance, emphasizing the coercive nature of wartime emergency finance. The design eschews portraiture and decorative elements in favor of official seals, government letterhead styling, and formal certification language. Color palette is limited to tan/cream paper stock with black typeset text and administrative stamps in purple and red/pink inks, reflecting emergency wartime printing constraints.
FRONT: 'EMERGENCY TREASURY CERTIFICATE' / 'THE COMMONWEALTH OF THE PHILIPPINES' / 'PROVINCE OF LAGOS NORTE [sic—likely Ilocos Norte]' / 'Lagos Norte, June 15, 1942' / 'THIS IS TO CERTIFY THAT THE ISSUANCE of this emergency certificate for the amount of ONE PESO has been duly authorized by the President of the Philippines and is redeemable at the Commonwealth of the Philippines.' / 'FIFTH SERIES' / 'ONE PESO' / 'Governor' / 'Provincial Treasurer' / 'No. 26156' / 'PAID' [stamp]. BACK: 'EMERGENCY TREASURY CERTIFICATE' / 'NO. 26156 F' / 'By authority of the Passed act of the common wealth of the Philippines I hereby order the issuance of this emergency certificate which for all intents and purposes is hereby declared legal tender. This certificate will be redeemed by the Commonwealth of the Philippines. Refusal to accept this certificate is punishable by law.' / 'CANCELLED' [stamp] / 'Governor'
Letterpress/typographic printing on aged tan bond paper stock, characteristic of provincial government printing capabilities during the 1942 occupation period. The parallel administration stamps ('PAID' and 'CANCELLED') appear to be applied by rubber stamp with purple and red/pink stamp pad inks. No security printing techniques typical of central bank issues are present; this was a provincial administrative document printed under wartime conditions rather than by a specialized security printer.
Serial number 26156 / 26156 F (obverse/reverse designation). FIFTH SERIES designation noted. Province of issue: Ilocos Norte (per catalog; visual analysis references 'Lagos Norte,' likely a transcription variant or the vision model's misreading of cursive text). Date: June 15, 1942. The combination of 'PAID' stamp on obverse and 'CANCELLED' stamp on reverse indicates this specific certificate was processed through both payment and official cancellation procedures, making it a documented artifact of the wartime redemption process. Handwritten signatures present but illegible in image analysis; these may vary by individual governor/treasurer assignments.
