5 pesos 1941

Common. While this is a historically significant wartime emergency note with regional (Iloilo) significance, the eBay price data provided shows highly variable market pricing from $2.99 to $130.00 USD, with multiple VF examples selling in the $7.99 to $129.95 range and circulated examples at $99.95 USD. The wide price variance and ready availability at low price points ($2.99–$20.00 USD for unknown grades) indicates these notes were produced in substantial quantities and remain relatively common in the collector market. Emergency circulating notes from the Philippines 1941 series, while historically important, are not scarce in surviving examples.

This emergency circulating note was issued during the critical early months of World War II in the Pacific, just days after Japan's attack on Pearl Harbor and the invasion of the Philippines. The Iloilo Currency Committee designation and local authorization reflect the decentralized emergency currency measures implemented by Philippine authorities as the nation faced Japanese occupation. The note's imagery—featuring the Philippine National Bank's authority, the presidential seal, and the eagle emblem—represents the last expressions of Philippine Commonwealth sovereignty before the establishment of the Japanese-sponsored Philippine Republic in 1943.

The obverse features a geometric diamond pattern in pink and red as the dominant background design, creating a security element typical of emergency wartime currency. The central white rectangular panel contains the Philippine National Bank title with 'THE' prominently displayed as noted in catalog references. A winged eagle emblem (likely representing the coat of arms or presidential seal) is positioned at the top center of the white panel, consistent with the eagle imagery noted in Pick catalog comparisons to S306. The denomination '5' appears in black in all four corners with decorative ornamental designs. Signatures and official stamps appear at the bottom, indicating authorization by the Iloilo Currency Committee. The reverse displays large 'V' letters in the left and right margins as a security/design feature, with the white central panel repeating the denomination and issuing information. The date 'Iloilo City, Philippines, Dec. 30, 1941' establishes the precise authorization moment of this emergency issue.

FRONT SIDE: 'Philippine National Bank' (bank issuer); 'Emergency Circulating Note of 1941' (note classification); 'Issued by Authority of the President of the Philippines' (legal authorization); 'The Philippine National Bank will pay to the bearer on demand five pesos in lawful currency of the Philippines' (promise to pay); 'Iloilo Currency Committee' (regional issuing authority); 'Series of 1941' (issue series); 'Iloilo' (place of issue). BACK SIDE: 'Philippine National Bank' (bank issuer); 'Five Pesos' (denomination in words); 'FIVE PESOS' (denomination in capitals); 'Emergency Circulating Note' (note type); '1941' (year); 'Iloilo City, Philippines, Dec. 30, 1941' (specific authorization date and location).

This note employs letterpress printing combined with geometric line-work security design, typical of Philippine emergency currency production in 1941. The sharp black text, crisp corner ornaments, and fine-line borders throughout indicate high-quality letterpress work. The geometric diamond background pattern and large 'V' letters on the reverse suggest either overprint application or direct plate printing incorporating these security features. The visible handwritten signatures and stamps at the bottom indicate post-printing manual authorization, consistent with emergency currency protocols of the period.

This example is specifically identified as the Iloilo variety (regional issue), evidenced by the 'Iloilo Currency Committee' text and 'Iloilo City, Philippines, Dec. 30, 1941' authorization date on the reverse. Pick S307 represents the standard 5 pesos denomination in this 1941 emergency series. The catalog reference to similarities with S306 (same eagle wing design) suggests related designs within the series. No specific serial number or signature varieties are noted from the visual analysis, though the handwritten signatures and stamps visible at the bottom may represent individual authorization signatories for this regional committee issue.