5 pesos 1941
“Negros Occid.”
Market Prices
About This Note
This is a Philippine National Bank 5 Pesos Emergency Circulating Note from 1941, specifically issued by the Negros Occidental Currency Committee during the Japanese occupation period. The note displays the characteristic salmon-pink coloring with fine horizontal line patterns typical of wartime emergency currency, and shows genuine signs of age with creasing, foxing, and paper brittleness consistent with its Fair condition grade. The presence of the Negros Occidental attribution and the specific serial number (56124) in the mid-range of the documented series makes this a regionally significant example of Philippine wartime financial history.
Common. The documented serial number range (#40,001 to 106,000) indicates a substantial print run of approximately 66,000 notes for this denomination and variety. The eBay market data shows highly variable pricing from $2.99 to $130.00 USD, with most common grades (VF, CIRC) trading in the $7.99 to $99.95 range, typical of circulation-grade emergency notes that are readily available to collectors. The Fair condition grade of this specific example further supports common classification, as wear and damage reduce value but do not increase rarity. These notes were produced in significant quantities to meet regional currency demands and survive in moderate numbers in the collector market.
This emergency circulating note was issued during 1941, a critical period when the Philippines transitioned from American Commonwealth administration toward Japanese occupation, necessitating local currency committees to issue supplementary notes. The inscription 'Issued by Authority of the President of the Commonwealth of the Philippines' reflects the final months of pre-occupation Philippine governance, while the 'Negros Occidental Currency Committee' attribution indicates decentralized monetary authority in provincial regions. The simplified design, minimal security features, and emergency designation document the economic strain and improvisation required during this turbulent historical period.
This emergency circulating note features a minimalist design appropriate to wartime constraints. The obverse displays a salmon-pink background with fine horizontal line patterns serving as the primary security feature, a common technique for rapid-production emergency currency. The Philippine National Bank circular seal/emblem appears on the right side of the front, functioning as the institutional identifier. Large Roman numeral 'V' characters appear as decorative elements on both sides of the note, serving as visual denomination markers. The front side contains multiple signature lines for the Provincial Fiscal, Acting Manager of the P.N.B. Iloilo Branch, and Acting Provincial Auditor, reflecting the decentralized authority structure. The reverse is notably simpler, with centered text and ample white space, featuring only the denomination and authorization language with decorative corner 'V' characters. The ornamental border patterns frame both sides with subtle geometric designs. No portraiture or landscape vignettes appear on this emergency issue, in contrast to standard circulation notes of the period.
FRONT SIDE: 'Philippine National Bank' (issuing institution), 'Emergency Circulating Note of 1941' (note classification), 'The Philippine National Bank will pay the bearer on demand Five Pesos in lawful currency of the Philippines' (promise to pay clause), 'Issued by authority of the President of the Commonwealth of the Philippines' (authorization), 'Negros Occidental Currency Committee' (regional issuing authority), 'Series of 1941' (issue designation), 'Prov. Fiscal' (Provincial Fiscal signature line), 'Act. Mgr. P.N.B. Iloilo Branch' (Acting Manager, Philippine National Bank Iloilo Branch signature line), 'Act. Prov. Auditor' (Acting Provincial Auditor signature line). BACK SIDE: 'Five Pesos' (denomination), 'Second Issue' (variety designation), 'Philippine National Bank Emergency Circulating Note' (issuer and note type), 'issued by authority of the President of the Commonwealth of the Philippines' (authorization restatement). All denominations expressed as '5', 'PESOS', and 'V' (Roman numeral).
Letterpress printing with intaglio elements, as evidenced by the fine horizontal line patterns visible throughout both sides and the crisp edge definition of text and borders. Filma Press is documented as the printer for this series (serial range #40,001 to 106,000). The salmon-pink color underprint was applied in a separate pass, with black letterpress overprinting for text, signatures, and serial numbers. Red ink was used for serial number printing on both sides. The simplicity of the design reflects wartime production constraints and the emergency nature of the issue, with minimal color separation and security features compared to standard banknotes.
This note is identified as the 'Second Issue' per the reverse inscription, indicating at least two distinct emissions of this denomination and regional authorization. The specific serial number (56124) falls within the documented range of #40,001 to 106,000, confirming its place within the main issue series. The attribution to 'Negros Occidental Currency Committee' represents a distinct provincial variety, as other Philippine regions issued similar notes under different regional authority names during the same 1941 period. The signature lines for specific officials (P.N.B. Iloilo Branch manager, Provincial Fiscal, Provincial Auditor) may show variations depending on official tenure, creating potential sub-varieties within this Second Issue designation that would appeal to specialized regional collectors.
