5 pesos 1944
“Iloilo”
Market Prices
About This Note
This is a Philippine National Bank 5 pesos emergency circulating note from 1944, issued specifically by the Iloilo Currency Committee on May 1, 1944. The note displays the characteristic red/pink printing on tan/beige stock typical of wartime Philippine currency, with a formal male portrait on the obverse and an ornate numeral '5' on the reverse. In AU condition, this note shows age-appropriate wear with some foxing and creasing but excellent legibility and eye appeal, making it a desirable example of this historically significant emergency issue.
common
This emergency circulating note was issued during World War II in the Philippines under the authority of the president, reflecting the wartime economic disruption and need for localized currency solutions. The Iloilo City stamp and Iloilo Currency Committee attribution indicate this was a regional emergency issue, part of the broader wartime currency measures implemented in the Philippines. The note's formal reference to 'lawful currency of the Philippines' and invocation of presidential authority underscore the desperate financial circumstances of the Japanese occupation period and the transition toward post-war currency normalization.
The obverse features a formal male portrait positioned on the left side, likely representing a governmental or military figure relevant to wartime Philippines (possibly referencing General Douglas MacArthur given his prominence in Philippine liberation). The portrait is surrounded by decorative eagle or bird emblems in the upper corners, consistent with Philippine national symbolism. A circular official stamp reading 'Iloilo City May 1, 1944' appears on the right side, indicating the specific regional authorization point. The reverse displays a large, ornately framed numeral '5' as the dominant design element, with decorative floral and ornamental motifs in all four corners. The overall design layout—portrait on obverse, large denomination numeral on reverse—follows classical banknote design conventions of the era. The color scheme of red/pink on tan/beige was characteristic of wartime currency production constraints and available printing materials.
FRONT SIDE: 'PHILIPPINE NATIONAL BANK' (issuing authority); 'Emergency Circulating Note of 1944' / 'Series of 1944' (issue designation); 'Issued by Authority of the President of the Philippines' (legal authority); 'THE Philippine National Bank WILL PAY THE BEARER ON DEMAND FIVE PESOS In Lawful Currency of the Philippines' (promise to pay); 'ILOILO CURRENCY COMMITTEE' (local issuing body); Serial number '63219' (appears twice); Signatures labeled 'MacArthur,' 'Actg. Prov. Auditor Member,' 'Actg. Mgr., P.N.B. Iloilo Chairman,' 'Actg. Prov. Fiscal Member'; 'Iloilo City May 1, 1944' (place and date of issue). BACK SIDE: 'PHILIPPINE NATIONAL BANK' (repeated); 'FIVE PESOS' (denomination); Large numeral '5' in ornate cartouche (denomination indicator); 'Iloilo City Philippines May 1 1944' (location and date); 'Emergency Circulating Note of 1944' (issue type).
This note was produced using letterpress or offset lithographic printing, as evidenced by the clear, uniform color application and sharp detail reproduction visible in both the portrait and decorative elements. The red/pink monochromatic printing on tan/beige stock suggests a single-color printing process typical of wartime Philippine currency production. The decorative borders, portrait detail, and numeral rendering all indicate quality commercial printing of the period, likely executed by the Philippine National Bank's in-house printing facilities or a contracted security printer authorized for emergency currency production during the occupation period.
Serial number 63219 is specific to this individual note. Known varieties for the P-S341 series include different signature combinations representing different Iloilo Currency Committee members in their various official capacities (Acting Provincial Auditor, Acting Manager P.N.B. Iloilo, Acting Provincial Fiscal). The May 1, 1944 date appears consistent across this issue type. Regional emergency notes of this period commonly exist with signature variations reflecting the different committee memberships during the wartime administration. This example represents one standard variety within the broader S341 series.
