10 pesos 1949

Uncommon to scarce. While not rare, this Victory Series overprint variant is notably less common than regular circulation issues of the period. The 2016 catalogue valuation of $35 in VG condition, combined with observed eBay sales of PMG-graded examples in higher conditions selling for $296–$355 (2022–2023), indicates steady collector demand but limited availability. The relatively specialized nature of the Victory overprint issue and the passage of 75+ years since issue suggests surviving examples are scarcer than common circulation notes from this era.

Issued in 1949 by the newly-established Central Bank of the Philippines, this note represents the transitional period when the Philippines was asserting monetary independence following World War II. The 'VICTORY' overprint commemorates the nation's emergence from Japanese occupation and the restoration of Commonwealth authority, while the portrait of George Washington reflects the historical relationship between the Philippines and the United States during the colonial and Commonwealth periods.

The obverse features a left-facing profile portrait of President George Washington set within an oval frame on the left side, rendered in fine line engraving against a tan and brown underprint. The reverse displays a prominent central 'VICTORY' inscription in large lettering, with red-colored 'CENTRAL BANK OF THE PHILIPPINES' overprint applied to the original Commonwealth design. Both sides incorporate ornamental circular seals, decorative Roman numerals (X for 10), shell or fan-like designs at the top, and geometric patterns in the corners, all characteristic of Philippine Commonwealth currency engraving. The color scheme combines tan, beige, brown, black, and gray on the obverse, with red accents added through the overprint on the reverse.

FRONT SIDE: 'TEN PESOS' — denomination; 'PESOS' — currency name; 'VICTORY SERIES NO. 66' — series designation; 'BY AUTHORITY OF AN ACT OF THE PHILIPPINE LEGISLATURE APPROVED BY THE PRESIDENT OF THE UNITED STATES JUNE 13, 1922' — authorizing legislation; 'THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINES' — treasury deposit guarantee; 'PAYABLE TO THE BEARER ON DEMAND' — redemption clause; 'IN SILVER PESOS OF LEGAL TENDER CURRENCY OF THE UNITED STATES OF EQUIVALENT VALUE' — backing specification; 'WASHINGTON' and 'President' — portrait identification; 'Auditor General' — signature line; Serial number 'F17629775' with series letter 'J'. BACK SIDE: 'VICTORY' — prominent overprint; 'CENTRAL BANK' and 'THE PHILIPPINES' — issuing authority; 'TEN PESOS' — denomination; Roman numeral 'X' — value designation.

Intaglio (engraved steel plate) printing with fine line engraving throughout, characteristic of high-security currency production. The overprint text 'VICTORY' and 'CENTRAL BANK OF THE PHILIPPINES' on the reverse was applied separately in red, likely through letterpress or additional intaglio pass. This note was produced by the Bureau of Engraving and Printing or the Philippine Security Printing Corporation, following the engraving standards established during the Commonwealth period.

This note represents the Victory Series overprint variety on the Pick P-97 base design. The series letter 'J' visible on the observed note (serial F17629775) indicates this is from a specific printing block. Varieties for this Pick P-120 issue may be distinguished by: (1) series letter designation (A–J expected), (2) serial number ranges, (3) overprint color intensity (red, as observed), and (4) signature variants of the Auditor General and other officials. The 'VICTORY SERIES NO. 66' inscription confirms this belongs to the post-war Victory currency series, which is an important classification within Philippine numismatics.