10 pesos 1942

Common. This Pick P-S317b represents a regular emergency issue from 1942 with presumably substantial production to meet wartime currency circulation needs. The eBay market data reflects pricing in the $2.99-$5.99 range for AU examples, confirming strong availability at modest valuations. Emergency circulating notes from Iloilo and other Philippine regions during 1942-1943 were issued in quantities sufficient for regional commerce, and surviving examples remain relatively plentiful in collectors' markets. The AU grade specimen shown here, while attractive, commands no premium suggesting rarity; rather, the steady sub-$10 market pricing across multiple condition grades indicates robust supply.

This emergency circulating note was issued by the Philippine National Bank under the authority of the President of the Philippines during 1942, a critical year of World War II when Japan occupied the archipelago and disrupted normal currency circulation. The Iloilo Currency Committee signatures reflect the decentralized monetary authority structure necessitated by wartime conditions, with local provincial officials (Provincial Auditor, Acting Manager of PNB Iloilo, and Provincial Fiscal) authorized to authenticate and distribute these emergency notes. The December 30 date on the reverse and the explicit designation as an 'Emergency Circulating Note' underscore the extraordinary economic measures undertaken to maintain commerce and faith in Philippine currency during Japanese occupation.

The obverse features a formal portrait of Manuel Quezon, first President of the Commonwealth of the Philippines, positioned on the left side as the primary identifying element of this emergency note. The design employs a bold ornate border in orange and coral tones with intricate decorative patterns framing all edges. A circular national seal or emblem appears on the right side, reinforcing the official government authorization. The reverse centralizes a large ornate oval cartouche containing the denomination '10 Pesos' rendered in substantial numerals, with matching decorative border treatment and corner markers displaying the Roman numeral 'X'. All four corners feature prominent decorative letters ('U' on obverse, 'X' on reverse) as design elements. The color palette of orange, coral, black, red, and cream reflects the limited printing capabilities available during wartime occupation, with red ink used for the serial number and black ink for primary text.

FRONT: 'Philippine National Bank' / 'Emergency Circulating Note of 1942' / 'Issued by Authority of the President of the Philippines' / 'The Philippine National Bank Will Pay the Bearer On Demand Ten Pesos In Lawful Currency of the Philippines' / 'Iloilo Currency Committee' / 'Prov. Auditor Member' / 'Acting Manager P.N.B. Iloilo Chairman' / 'Prov. Fiscal Member' / Serial Number: '377067' / Series designation: 'U' / 'Series of 1942'. BACK: 'Philippine National Bank' / '10 Pesos' (displayed prominently in ornate oval frame) / 'Emergency Circulating Note of 1942' / 'Iloilo City, Philippines' / 'December 30,' / Corner denominational markers: 'X' (Roman numeral ten).

This note was produced using offset lithography, the standard printing method for Philippine banknotes of this era. The layered color application visible in the orange borders, red serial numbers, and black text demonstrates multi-pass lithographic printing. The ornate border designs and portrait work exhibit the detailed register control typical of mid-20th century banknote production, though the slight color variations and wear patterns suggest printing conditions constrained by wartime circumstances. The note was likely produced by the Philippine National Bank's own printing facilities or under contract with available domestic printers operating under Japanese occupation oversight.

This specific example is identified as variety 'U' (letter designation visible on obverse) from the Series of 1942, with serial number 377067. The Iloilo Currency Committee imprint and December 30 date establish this as the Iloilo City regional variant of the emergency issue, a geographically identifiable variety. Multiple varieties of this P-S317b denomination exist based on regional committee issuance, with Iloilo being one of several provincial distribution points. The 'U' letter prefix may indicate a specific printing batch or allocation sequence, though detailed variety cataloging for these wartime emergency notes remains limited in standard references.