10 pesos 1941

Common. While these are specialized emergency regional issues from 1941, the serial number range of 10,001 to 290,000 indicates a substantial print run of approximately 280,000 notes for Iloilo. Recent eBay market data shows VF specimens selling in the $4-$10 range, consistent with common circulated banknotes. The AU condition grading of this specific example places it in the upper tier of typical survivors, but the denomination, issue size, and current market pricing all indicate this is a readily available note for collectors of Philippine emergency currency.

These emergency circulating notes were issued in December 1941 following Japan's invasion of the Philippines and the subsequent disruption of normal currency supply chains. The Iloilo Currency Committee's authorization to issue this note reflects the decentralized emergency financial response required during the initial occupation period. The explicit reference to 'EMERGENCY CIRCULATING NOTE OF 1941' and the provincial committee structure demonstrate how Philippine institutions adapted to wartime conditions while maintaining the legal framework of the Philippine National Bank.

The obverse features a classical ornate design centered around circular text arrangements with the Philippine National Bank's name and denomination information. The reverse displays large Roman numeral 'X' in the left and right margins, emphasizing the ten-peso denomination in the classical style. No portrait of a national figure appears on this note type; instead, the design relies on the Philippine coat of arms or national emblem visible on the right side and decorative corner ornaments typical of emergency currency of the period. The salmon/peach underprint provides a distinctive appearance compared to regular issue banknotes, likely serving as a security feature and visual identifier for the emergency status. The spiral/concentric decorative border pattern on both sides creates an anti-counterfeiting element through its complex ornamentation.

FRONT SIDE: 'Philippine National Bank' (institution name); 'Emergency Circulating Note of 1941' (note type declaration); 'The Philippine National Bank will pay the bearer on demand ten pesos in lawful currency of the Philippines' (promise to pay clause); 'Issued by authority of the President of the Philippines' (legal authorization); 'Iloilo Currency Committee' (issuing authority); 'Series of 1941' (series designation); Serial number 150285 with letter H; 'Manager, Philippine National Bank, Iloilo', 'Chairman', 'Pres. Fiscal', and 'Member' (signature/authority lines); 'Iloilo City, December 30, 1941' (place and date of issue). BACK SIDE: 'Ten Pesos' / 'X' (Roman numeral denomination); 'Philippine National Bank' (institution); 'Iloilo City, Philippines, Dec. 30, 1941' (place and date); 'Emergency Circulating Note' (type declaration); Multiple displays of '10' and 'PESOS' denomination indicators.

The note was produced using letterpress printing technology, evidenced by the crisp impression of text elements and the consistent ink application visible in the visual analysis. The black overprint on the colored underprint (salmon/peach) is characteristic of Philippine National Bank emergency issues from this period. The regular, well-defined borders and ornamental designs suggest production by a commercial security printer with Philippine banking note experience, likely the Philippine National Bank's own printing facilities or an authorized domestic printer capable of producing emergency currency during wartime conditions.

This example represents the standard Iloilo Currency Committee issue of December 30, 1941 (Pick P-S309). The note displays the printed signature variety (as opposed to manuscript signatures on some emergency issues). Serial number 150285-H falls within the documented range of 10,001-290,000. Regional emergency issues from other Philippine cities (such as Negros, Cebu, and other provinces) exist as distinct varieties with different committee names and signatures, making this specific Iloilo issuance identifiable by the 'Iloilo Currency Committee' inscription and the Iloilo City date notation. No documented sub-varieties are known for different signature combinations on this particular issue based on the Pick catalog specifications.