1 peso 1942
“Mountain Province”
Market Prices
About This Note
This Mountain Province 1 peso emergency note from 1942 represents a fascinating piece of Philippine wartime monetary history, issued by provincial authority rather than the central bank. The note exhibits typical Fair condition wear with visible creases, foxing, and age-related discoloration throughout, but retains clear legibility of the ornate black-printed obverse and red-printed reverse sides. The hand-signed signatures of local officials and the specific serial number 17450 authenticate this as an authentic emergency currency certificate backed by deposits at the Philippine National Bank.
Common. The serial number range of approximately 0,001 to 40,508 indicates a substantial print run of over 40,000 notes for this denomination and issuer. eBay market data shows these notes trading in the $2.49 to $23.50 range depending on condition, with most circulated examples selling for under $12, which is consistent with common wartime emergency currency. Fair condition examples would be expected to fall in the lower-to-middle price range ($2.95-$9.50 based on the provided eBay listings). The note's relative abundance, combined with its status as one of many provincial emergency issues from the period, places it firmly in the common category.
Issued under Philippine Provincial Board Resolution No. 5 of 1942 during wartime emergency conditions, this note reflects the decentralized monetary measures taken when normal currency distribution was disrupted. The Mountain Province, as a regional administrative division, was authorized to issue emergency currency backed by bank deposits to maintain local commerce during the Japanese occupation period. The certification that funds were deposited in the Philippine National Bank demonstrates the legal backing and legitimacy of these provincial emergency notes despite their limited geographic circulation.
This emergency certificate note features a formal government document layout rather than traditional banknote imagery. The obverse displays an ornamental border design with repeating fleur-de-lis patterns and spiral scroll work in the corners, typical of official certificates of the 1940s era. The central portion contains the redemption clause in formal English text, establishing the note as a bearer instrument backed by Philippine National Bank deposits. The reverse side, printed in red/crimson ink, provides the legal authority and circulation restrictions, featuring a decorative red-lined border frame with ornamental corner details. The design emphasizes security through multiple official signature lines (Provincial Governor, Provincial Treasurer, Provincial Auditor, and Assistant Provincial Treasurer) rather than through portraits or landmarks, making the authenticity dependent on the handwritten signatures of local officials and the official seal of the Mountain Province.
OBVERSE (Front): 'Mountain Province Emergency Note' (header in Gothic lettering). Central certification text: 'This certifies that there has been deposited in the Philippine National Bank the equivalent of ONE PESO payable to bearer on demand.' Serial number: 'NO 17450' (printed top left and right). Signature lines with titles: 'PROVINCIAL GOVERNOR,' 'PROVINCIAL TREASURER' (signed by N. S. Vergara), 'PROVINCIAL AUDITOR,' 'ASST. PROVINCIAL TREASURER,' and 'Countersigned:' Denomination marker: 'P1P'. REVERSE (Back): 'ONE PESO' (top and bottom). Authorization text in red: 'THIS NOTE IS ISSUED UNDER AUTHORITY OF THE PROVINCIAL BOARD OF THE MOUNTAIN PROVINCE DURING THIS EMERGENCY (RES. NO. 5, S. 1942) AND IS ONLY GOOD AND NEGOTIABLE WITHIN SAID PROVINCE.' Validity requirements: 'NOT VALID UNLESS SIGNED BY THE PROVINCIAL GOVERNOR AND PROVINCIAL TREASURER AND COUNTERSIGNED BY THE PROVINCIAL AUDITOR AND SEALED WITH THE OFFICIAL SEAL OF THE MOUNTAIN PROVINCE.' Footer: 'MOUNTAIN PROVINCE EMERGENCY NOTE' and denomination 'P1P'.
This note was produced using letterpress printing technology, evident from the crisp registration of black ink on the obverse and the distinct red ink on the reverse. The Gothic-style heading letters and the formal body text show characteristics of hot metal type composition. The ornamental borders with fleur-de-lis and scroll patterns were produced using foundry ornaments typical of 1940s commercial printing. The paper is white bond stock, with some examples containing the Hammermill Bond watermark as noted in reference catalogs, indicating use of quality commercial bond paper rather than specialized currency paper. The dual-color printing (black and red) and the requirement for hand-applied signatures suggest production by a domestic Philippine printing facility rather than a specialized security printer.
This specific example is serial number 17450, which falls well within the documented range for the regular issue. The Pick catalog designation P-S595a indicates this is variant 'a' of the Mountain Province 1 peso note. Key identifying features for this variety include: the beige/cream paper stock, black obverse printing with hand-signed officers' signatures in blue ink (including the identifiable signature of N. S. Vergara as Provincial Treasurer), and red reverse printing with the specific authorization text referencing Resolution No. 5, Series 1942. The hand-signed nature of these notes means each example has unique signature characteristics, though all within the same issued batch share identical printed text and design. No overprints or secondary modifications are evident on this example.
