20 pesos 1944

Common. The eBay price tracking data shows market values ranging from $3.99 to $255.00 depending on condition, with multiple sales recorded in the lower price ranges ($4.50–$14.00 range), indicating substantial surviving quantities. The AU condition grade specimen shown here at estimated $12.00–$58.00 range represents typical market pricing for this issue. Mindanao Emergency Currency Board notes were produced in sufficient quantities for regional circulation and many examples survive today, making this Pick number common in collector markets rather than scarce or rare despite its historical significance.

The Mindanao Emergency Currency Board notes were issued during the Japanese occupation of the Philippines in World War II, when the Commonwealth of the Philippines government operated in exile and regional authorities needed to establish local currency systems. The bilingual English and Tagalog/Filipino inscriptions reflect the emerging post-colonial identity of the Philippines, which had achieved Commonwealth status in 1935 and would gain full independence in 1946. The redemption promise printed on the reverse—guaranteeing face value without devaluation after the emergency—underscores the government's commitment to honoring these certificates despite the extraordinary circumstances of their issuance.

The 20 Pesos note features a formal, minimalist design befitting its status as emergency government currency. The obverse displays an ornate border frame with decorative corner medallions containing the numeral '20' in each corner, centered around the circular seal of the Commonwealth of the Philippines, which features an eagle and shield with stars representing the national authority. The reverse employs a Greek key or meander pattern border design running along all edges, creating a classical governmental appearance. Both sides maintain the denomination 'TWENTY PESOS' prominently displayed and repeated, with the reverse providing crucial legal language in both English and Cebuano (the regional language of Mindanao) regarding redemption guarantees and counterfeiting penalties. The tan/beige paper stock with green/teal and dark blue/black inks creates a utilitarian yet official appearance appropriate for wartime emergency currency.

FRONT SIDE: 'Treasury Emergency Currency Certificate of Twenty Pesos' / '20' (numeral denominations in corners) / 'TWENTY PESOS' / 'By Authority of the President of the COMMONWEALTH OF THE PHILIPPINES' / 'This certifies that the Commonwealth Government of the Philippines will redeem this Certificate at face value upon termination of Emergency' / 'MINDANAO EMERGENCY CURRENCY BOARD' / 'RA5 SERIES' / '1944' / Serial number '04448' / Signature lines marked 'CHAIRMAN' and 'MEMBER'. REVERSE SIDE: '20' (numeral) / 'ISSUED BY THE MINDANAO EMERGENCY CURRENCY BOARD' / 'PHILIPPINES' / 'TWENTY PESOS' / 'This note is redeemable at face value after the emergency and will not be devalued or discriminated against' (English) / 'Kining sapia kaitisan sumala sa iyong bili tapus ang kagubat ug dili kakubsan ni kaayran' (Cebuano/Visayan translation) / 'Counterfeiting of this note will be severely punished' (English) / 'Mabug-et nga silot ipahamtang sa mga kawat pag sundog ning sapia' (Cebuano/Visayan translation) / 'TWENTY PESOS' (repeated).

This note was produced using letterpress printing, evident from the crisp, raised impression of the text and border designs visible in the aged ink appearance. The color separation between the green/teal obverse and dark blue/black reverse suggests multiple passes through the press or separate runs for each side. The decorative borders and corner designs show the characteristic uniformity and precision of letterpress work rather than lithography, with clean lines indicating metal or wood type and ornamental blocks. The printer for Philippine emergency currency issues of this period was typically a domestic or Philippine-based facility, though specific attribution for the RA5 series would require additional research documentation.

This specimen is identified as Pick catalog number P-S528d, indicating it is a specific variety within the 20 Pesos 1944 emission. The 'RA5 SERIES' designation and serial number '04448' are noted on this example. Varieties of this issue would be distinguished by series letter prefixes (RA5 shown here), signature combinations of the Mindanao Emergency Currency Board Chairman and Members, and potentially different printing runs or blocks. The specific RA5 series with this particular serial number range represents one identifiable variety of the 1944 twenty peso denomination from this regional emergency board.