10 pesos 1924
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1 saleAbout This Note
This is a 1924 Philippine Islands 10 Pesos Treasury Certificate (Pick P-71) in Fine condition, featuring a portrait of President George Washington in formal attire within an ornate oval frame surrounded by laurel wreaths. The note displays characteristic aging with light creasing, foxing, and overall toning consistent with its 100-year history, yet remains well-preserved without major tears. The front features blue and black printing on a cream background with distinctive ornamental X designs and a circular seal of the Philippine Islands government, while the reverse displays reddish-brown ornamental patterns—making this a notable example of early Philippine currency issued under U.S. territorial administration.
Common. The 1924 10 Pesos Philippine Islands note is a standard issue from a long print run serving the colony's active circulation needs. The eBay market data showing Fine specimens selling for approximately $75-$100 confirms this is a readily available note in the collector market, with consistent supply and modest demand-driven pricing. Millions of these notes were printed and many survived the post-independence period, making them among the more commonly encountered Philippine territorial issues.
This note represents the Philippine Islands' currency system during the American territorial period, issued in 1924 following the Tydings-McDuffie Act framework that would eventually lead to Philippine independence in 1946. The presence of Henry L. Stimson as Governor General and the dual authority of both the Philippine Legislature and U.S. Presidential approval reflects the complex political relationship between the United States and the Philippines during this era. The certificate's promise of redemption in U.S. silver pesos or gold coin underscores the monetary union between the two nations and the Philippine currency's backing by American bullion reserves.
The obverse features a central portrait of President George Washington rendered in formal attire, positioned within an ornate oval frame and surrounded by decorative laurel wreaths—a classical symbol of honor and achievement. The portrait is flanked by large '10' denomination numerals in all four corners. Ornamental X designs appear on the left side, while a prominent circular seal on the right displays an eagle and inscriptions reading 'GOVERNMENT OF THE PHILIPPINE ISLANDS' and 'UNITED STATES OF AMERICA,' visually representing the dual governance structure. The reverse displays a symmetrical design dominated by large ornamental X patterns in the corners, a radiating sunburst design in the upper center, and extensive decorative scrollwork throughout. The color scheme employs blue and black on the front (cream/beige background) and reddish-brown/orange-brown tones on the reverse, with intricate geometric borders framing all sides. This design mirrors earlier Philippine currency patterns while emphasizing American iconography through Washington's portrait and the eagle seal.
FRONT SIDE: 'TEN PESOS' (denomination), 'PHILIPPINE ISLANDS' (issuing entity), 'SERIES OF 1924' (issue series), 'BY AUTHORITY OF AN ACT OF THE PHILIPPINE LEGISLATURE' (legal authority), 'APPROVED BY THE PRESIDENT OF THE UNITED STATES JUNE 13, 1932' (U.S. approval date), 'THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF THE [PHILIPPINE ISLANDS]' (treasury deposit certification), 'PAYABLE TO THE BEARER ON DEMAND IN SILVER PESOS OF THE UNITED STATES OR IN GOLD COIN OF EQUIVALENT VALUE' (redemption promise), 'TREASURY CERTIFICATE' (document classification), 'GOVERNMENT OF THE PHILIPPINE ISLANDS' (issuing government), 'UNITED STATES OF AMERICA' (co-authority), 'Henry L. Stimson Governor General' (official signature), 'Sel. Alfonsox J. Treasurer' (official signature), Serial Number 'B848050B'. BACK SIDE: 'PHILIPPINE ISLANDS' (issuing entity), 'TEN PESOS' (denomination), 'TREASURY CERTIFICATE' (document classification), '10' (denomination numeral).
Intaglio (engraved) printing, the standard security printing method for banknotes of this era. The visual evidence of fine line work, precise border details, ornamental flourishes, and the characteristic depth of impression visible in the images confirm intaglio production. The printer is identified in the catalogs as USBEP (U.S. Bureau of Engraving and Printing), the official U.S. government security printer, which produced all Philippine Islands currency during the American territorial period.
This specific example bears the signature variety of Henry L. Stimson as Governor General and appears to represent the standard 1924 Series issue. The serial number prefix 'B' and the signatures of Stimson and Treasurer Sel. Alfonsox J. are consistent with the main circulation variety of this Pick number. No overprints, color varieties, or major printing variants are noted in the visual analysis. This appears to be a straightforward example of the primary 1924 issue without distinguishing variety characteristics.
