1 peso 1941

Common. The eBay market data shows consistent pricing in the $12-35 range for similar examples, with Fair condition specimens cataloged at approximately $21.50 USD. The serial number range (1 to 240,000) indicates a substantial print run for this emergency issue. While these notes are historically significant and represent an important wartime episode, they were produced in sufficient quantities to remain readily available in the collector market. The Fair condition grade and the Iloilo local issue designation do not significantly impact rarity relative to other examples of this Pick number.

This emergency circulating note was issued during one of the most tumultuous periods in Philippine history, mere weeks after the Japanese attack on Pearl Harbor (December 7, 1941) and the subsequent invasion of the Philippines. The Iloilo Currency Committee's authorization to issue this note reflects the breakdown of normal banking infrastructure and the need for locally-sanctioned currency during wartime. The specific mention of 'ISSUED BY AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES' on the front underscores the Commonwealth government's attempt to maintain fiscal legitimacy even as the nation fell under military occupation.

The obverse features a pale green background with ornate decorative corner scrollwork and a comprehensive guilloche security pattern throughout. The Philippine national coat of arms (eagle design) appears on the right side with the official Iloilo City authorization stamp dated December 30, 1941. The denomination is displayed prominently in red ('1' and 'PESO') in opposing corners and repeated in black text at center. Three official signatures appear at the bottom, representing the Iloilo Currency Committee members (Provincial Auditor, PNB Manager/Chairman, and Provincial Fiscal). The reverse maintains the security-focused design with a dense green guilloche pattern covering the entire surface, large black denomination numerals ('1' and '2') in opposite corners, and minimal text elements. This design reflects wartime emergency currency practices, prioritizing security features and local authentication over elaborate portraiture.

FRONT SIDE: 'PESO' (denomination marker); '1' (numeral denomination); 'PHILIPPINE NATIONAL BANK' (issuing authority); 'EMERGENCY CIRCULATING NOTE OF 1941' (note classification); 'THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND' (promise to pay clause); 'ONE PESO' (written denomination); 'IN LAWFUL CURRENCY OF THE PHILIPPINES' (currency specification); 'ISSUED BY AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES' (governmental authorization); 'ILOILO CURRENCY COMMITTEE' (local issuing body); 'SERIES OF 1941' (series designation); '215987 C' (serial number); 'City of Iloilo Dec 30, 1941' (place and date of issue); 'Prov. Auditor Member' (official title); 'Manager, Phil. Nat. Bank, Iloilo, Chairman' (official title); 'Prov. Fiscal Member' (official title). BACK SIDE: '1' and '2' (denomination numerals); 'PHILIPPINE NATIONAL BANK' (issuing authority); 'Iloilo City, Philippines, Dec. 30, 1941' (place and date); 'EMERGENCY CIRCULATING NOTE' (note classification); 'ONE PESO' (written denomination).

Letterpress with multi-color overprinting (black, red, and green). The note employs traditional intaglio-style guilloche background patterns as a primary security feature, with letterpress application of text and denomination numerals. The layered color application (green underprint with red and black overprints) indicates simultaneous or sequential press runs, typical of Philippine currency production during the pre-war and wartime period. The precise registration of the guilloche pattern and the clarity of the printed signatures suggest professional security printing, likely by the Philippine National Bank's own facilities or a contracted domestic printer.

This specimen is variety 'E' (as marked on the obverse), indicating a specific printing or authorization sequence within the 1941 Iloilo issue. The serial number 215987 C falls within the documented range and carries the 'C' suffix, which may indicate a specific printer, authorization batch, or sequential numbering system. The exact date stamp 'Dec 30, 1941' on this example is consistent with the official issuance date of the Iloilo Currency Committee's authorization. No major varieties affecting value have been identified for P-S305, though collector interest may vary based on specific serial number significance or variant 'E' designation documentation.