2 pesos 1949

Common. This 1949 Philippine 2 Pesos note (P-134b) circulated for approximately 20 years before currency reform and was printed in substantial quantities by Thomas de la Rue. eBay market data consistently shows specimens in AUNC-UNC condition selling for $4–$16, with catalogue values (2019) placing UNC examples at $4.50. The steady availability in the collector market and modest pricing indicate this is a standard issue with no scarcity premium. Early Philippine banknotes of this type remain widely available to collectors.

This 1949 issuance marks the early period of the Central Bank of the Philippines' independent note production following the nation's post-World War II reconstruction. The obverse features José Rizal, the Philippine national hero and author, commemorating his legacy in the nation's monetary system. The reverse depicts Ferdinand Magellan's 1521 landing in the Philippines, a pivotal moment in colonial history shown with the iconic cross and coastal vessels, reflecting how mid-20th century Philippine currency honored foundational historical narratives.

The obverse features a formal portrait of José Rizal in profile facing left, positioned within an oval frame on the left side of the note. Rizal is depicted as a mature man with distinctive mustache wearing formal attire, rendered in black and gray tones. The Central Bank of the Philippines seal appears as a prominent circular emblem at lower right, dated 1949. The reverse displays an elaborate historical engraving of Magellan's 1521 landing, with multiple figures arranged around a large Christian cross planted on shore, ships visible in the background seascape, and period-appropriate vessels anchored offshore. Both sides are framed with ornate baroque-style decorative borders featuring scrollwork, filigree patterns, and floral corner elements. The color scheme consists primarily of black on white/tan underprint with gray tones throughout the fine line work.

FRONT: 'CENTRAL BANK OF THE PHILIPPINES' (issuing authority); 'THIS NOTE IS A LIABILITY OF THE CENTRAL BANK AND IS FULLY GUARANTEED BY THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES' (guarantee clause); 'TWO PESOS' (denomination in English); 'THIS NOTE IS LEGAL TENDER IN THE PHILIPPINES FOR ALL DEBTS, PUBLIC AND PRIVATE' (legal tender declaration); signatures labeled 'President of the Philippines' and 'Governor of the Central Bank'; '1949' (year on seal); Serial number 'AV932053'. BACK: 'TWO PESOS' (denomination, appears twice); 'LANDING OF MAGELLAN IN THE PHILIPPINES' (scene identification and historical caption).

Intaglio engraving (line engraving and recess printing) produced by Thomas de la Rue & Company, London, one of the world's premier security printers. The visual analysis confirms the use of fine line engraving throughout both the portrait and historical scene, with intricate guilloche pattern backgrounds and detailed cross-hatching characteristic of intaglio security printing. Multiple color plates were used to create the layered tones and blue underprint elements noted in contemporary records.

This specimen is catalogued as Pick P-134b, indicating it is a later variety of the 1949 2 Pesos type. The PMG population report notes variant P-134d* and P-134s2 also exist for this base Pick number. The serial number prefix 'AV' and the specific signature lines present would help determine the exact sub-variety, though all variants of this denomination remain common. The note exhibits the Type 1 Central Bank seal dated 1949 and bears the standard English-language inscriptions characteristic of the regular issue.