5 centavos 1941

Common. eBay market data shows AU-graded examples trading at $28.62 USD, with multiple sales across various conditions ranging from $1.89 to $129.95 USD. The wide price range reflects condition variance rather than rarity—these emergency notes were issued in circulation quantities sufficient to meet regional monetary needs in Iloilo during late 1941. The existence of multiple examples in the secondary market and the relatively modest pricing confirms this is a common emergency issue, not a scarce or rare variety.

This emergency circulating note was issued just weeks after Japan's attack on Pearl Harbor (December 7, 1941) and the subsequent invasion of the Philippines, representing a critical monetary response by local authorities in Iloilo when normal banking and currency operations were disrupted. The note's authorization by the President of the Philippines through the Iloilo Currency Committee reflects the emergency measures taken to maintain economic function during the Japanese occupation period. The PNB seal and formal 'Will Pay on Demand' language maintain the appearance of official currency despite the extraordinary circumstances of its issuance.

This emergency note employs a clean, utilitarian design appropriate to its wartime purpose. The obverse features the Philippine National Bank's circular seal incorporating an eagle and shield at the center, flanked by symmetrical decorative Greek key pattern borders in all four corners. Diamond-shaped ornamental designs containing the numeral '5' appear in the corner positions. The denomination 'FIVE CENTAVOS' is prominently displayed in the note's center, with supporting text indicating the promise to pay and the local Iloilo Currency Committee's involvement. The reverse replicates the border design and seal placement while emphasizing the emergency nature and presidential authority of the issue, with the specific issuance date of December 30, 1941. No portrait or named landmark appears; the design relies on institutional symbols and formal typography to establish legitimacy during a period of governmental disruption.

FRONT: 'EMERGENCY CIRCULATING NOTE OF 1941' / 'THE PHILIPPINE NATIONAL BANK' / 'WILL PAY THE ON DEMAND' / 'FIVE CENTAVOS' / 'IN LAWFUL CURRENCY OF THE PHILIPPINES' / 'ILOILO CURRENCY COMMITTEE' / 'MANAGER, P.N.B. ILOILO' / 'PROV AUDITOR' / 'PROVINCIAL FISCAL' / Serial number: 50866. BACK: 'PHILIPPINE NATIONAL BANK' / 'EMERGENCY CIRCULATING NOTE OF 1941' / 'FIVE CENTAVOS' / 'ISSUED BY THE ILOILO CURRENCY COMMITTEE UNDER THE AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES' / 'ILOILO CITY, PHILIPPINES' / 'DECEMBER 30, 1941' / 'CENTAVOS'.

Letterpress printing on uncoated cream/beige paper stock, utilizing green ink for both obverse and reverse. The clean borders, sharp geometric Greek key patterns, and consistent seal reproduction indicate professional printing despite the emergency circumstances. The registration and alignment of design elements on both sides suggest use of established printing equipment, likely facilities available to or controlled by the Philippine National Bank or Philippine government printing operations at the time.

This example bears the specific serial number 50866 and is attributed to the Iloilo Currency Committee variant. Pick catalog P-S301 identifies this as a standard regular issue for the 5 centavos denomination from 1941. The note's geographic specificity (Iloilo City) and the December 30, 1941 date are characteristic of this series. Variations may exist in serial number prefixes and ranges, but the basic design, inscription, and color scheme remain consistent across the emergency issue run.