5 pesos 1943

Common. This 5 Pesos 1943 emergency note is a common issue despite its wartime origin. The serial number range extended to 455,000, indicating a substantial print run for emergency circulation purposes. Recent eBay market data shows comparable VF examples selling in the $4.69–$5.50 range with consistent transaction volume (5 bids per sale), which is typical pricing for common banknotes in collector demand. Emergency currency from this period remains readily available in the collector market. While serial numbers 363,001–367,000 and 367,501–368,000 were reported stolen and prohibited from circulation, the observed serial C 58864 falls outside these restricted ranges.

This emergency circulating note was issued by the Philippine National Bank in February 1943 during the Japanese occupation of the Philippines in World War II, when regular currency supplies were severely disrupted. The 'Emergency Circulating Note of 1943' designation and authorization by the Philippine President indicate this was official government currency issued to maintain economic function during wartime conditions. The Iloilo City provenance and Currency Committee signatures reflect local administration of emergency money supply in the Visayas region during this critical period.

The obverse features a prominent central eagle with fully spread wings set within a large decorative V, serving both as the primary design element and denomination indicator. The eagle is rendered in black on a pink/magenta to violet gradient underprint, surrounded by an ornamental border of repeated floral and geometric patterns. The reverse displays the same color scheme and border treatment, with large Roman numeral V positioned in all four corners as a security feature and denomination reinforcement. Both sides incorporate the Philippine National Bank seal and coat of arms elements, with the reverse presenting a cleaner, more restrained design emphasizing the denomination and emergency nature of the issue. The note includes multiple signature blocks and committee member titles on the front, reflecting the local currency committee's administrative oversight during emergency issuance.

FRONT: 'Philippine National Bank' (issuing authority); 'Emergency Circulating Note of 1943' (note type); 'Authorized by Authority of the President of the Philippines' (legal authority); 'Series of 1943' (series designation); 'The Philippine National Bank Will Pay the Bearer on Demand Five Pesos In Lawful Currency Of The Philippines' (promise to pay clause); 'Iloilo Currency Committee' (local issuing committee); Serial number C 58864 (identification); 'Prod. Auditor Member', 'Acta. Manager, Phil. Nat. Bank, Iloilo, Chairman', 'Prov. Fiscal Member' (committee member titles). BACK: 'Philippine National Bank' (issuing authority); 'Iloilo City, Philippines, Feb. 22, 1943' (issue date and location); 'FIVE PESOS' and 'Five Pesos' (denomination); 'EMERGENCY CIRCULATING NOTE 1943' (note classification); 'V' (Roman numeral denomination marker in all four corners).

This note was produced using letterpress or intaglio printing techniques typical of Philippine National Bank currency of the era, evidenced by the crisp ornamental border patterns and multiple overlapping text elements visible in the visual analysis. The color scheme indicates a two-color or multi-color printing process (black overprinted on pink/magenta base), a standard security measure for currency of this period. The regular spacing of decorative geometric patterns and the precision of the eagle design suggest professional security printing, though the specific security printer for this Iloilo-issued emergency series is not documented in available references.

This example is identified as Pick S328a, representing the standard emergency circulating note variety of 1943. The serial designation 'C' followed by 58864 places it well within the normal circulation range (serial numbers 1–455,000) and outside the known stolen range. The Iloilo Currency Committee designation on the obverse indicates this was part of the Visayas regional distribution of emergency currency. Variations within the S328a series may exist based on signature combinations of committee members (Prod. Auditor, Acting Manager, and Provincial Fiscal), though such signature varieties are not formally cataloged separately in standard references. The consistent February 22, 1943 date on all examples indicates a single issue date for this series.