5 pesos 1921

Common. While this is an early Philippine banknote with historical significance, the 1921 5 Pesos (Pick 53) was part of a regular circulation issue with substantial print runs by the Philippine National Bank. eBay market data shows consistent sales in the $12-$79 range depending on condition, with EF and VF examples regularly trading for $20-$30, indicating ready availability in the collector market. PMG population data shows this Pick number has multiple cataloged variants, further suggesting adequate surviving quantities. AU condition examples such as this are valuable to collectors but not scarce.

Issued in 1921 during the American colonial period in the Philippines, this note reflects the transition toward greater Philippine self-governance while still under U.S. oversight. The prominent portrait of President William McKinley on the obverse underscores the political relationship of the era, while the legislative reference to Acts of the Philippine Legislature demonstrates the gradual development of local financial institutions and governance. The note's legal tender status for Philippine government payments, as stated on the reverse, illustrates the Philippine National Bank's role as the primary circulating currency authority during this transitional period.

The obverse features a formal portrait of President William McKinley positioned in left-center profile, rendered in fine black line engraving against a cream/tan background. The portrait captures McKinley in middle age with stern expression, characteristic of currency portraiture of this period. Elaborate ornamental borders frame the design with intricate scrollwork and decorative flourishes in all corners. A large Roman numeral 'V' appears prominently in the upper center portion. The Philippine National Bank seal appears on the right side in blue, while the legal tender promise occupies the center. The reverse is predominantly decorative, featuring large ornamental numerals '5' in each corner with elaborate spiral and shell-like embellishments. Laurel wreath designs and repeating pattern elements fill the center space, rendered in warm orange and peach tones against a cream background. The design exemplifies the Beaux-Arts aesthetic typical of early 20th-century currency engraving.

FRONT: 'Philippine National Bank Circulating Note' - The issuing authority and note type. 'Issued Under the Provisions of Act Numbered 2612 as Amended by Acts 2747 and 2938 of the Philippine Legislature' - Legal authorization for issue. 'The Philippine National Bank Will Pay the Bearer on Demand Five Pesos in Lawful Currency of the Philippine Islands' - Promise to pay clause. 'Series of 1921' - Issue series designation. 'Cashier' and 'President' - Signature line identifications. 'Five Pesos' - Denomination. Serial number: B814018B. BACK: 'Five Pesos' / 'Philippine National Bank' / 'Circulating Note' - Repeated denomination and issuer identification. 'This Note is Receivable by the Philippine Government in Payment of All Taxes and Other Liabilities and Receivable by All Banking Institutions and Private Banks Exempt from All Taxes' - Legal tender and tax payment status.

Intaglio/engraved steel plate printing, executed by the United States Bureau of Engraving and Printing (USBEP), as evidenced by the catalog notation and the refined quality of line engraving visible in the intricate borders, scrollwork, and fine detail work throughout both obverse and reverse. The multi-color printing (black on tan with red-orange reverse) required separate passes and careful registration. No printer imprint appears on the note itself, consistent with USBEP practice for Philippine currency of this era.

This example bears serial number B814018B from the 1921 series. The visual analysis does not reveal overprints or unusual signature variants. The note is cataloged as Pick 53 with USBEP as printer and no imprint, corresponding to the standard P-53* variant documented in PMG records. No rare signature combinations or printing anomalies are evident from the images provided.