500 pesos 1945

Common. eBay pricing data shows uncirculated examples selling for $5.25-$7.49 (2014-2016), with more recent PMG graded examples ranging from $18.50-$131.50 depending on grade. The consistent availability at modest price points, significant transaction volume (10-23 bids on listed sales), and catalog valuations well under $10 for UNC condition all indicate this is a common issue. Despite its historical interest, the print run was substantial enough to ensure ready availability in the modern collector market.

Issued by the Japanese Government in 1944-1945 during the occupation of the Philippines, this banknote represents the currency imposed during Japan's administration of the islands in the final years of World War II. The Rizal Monument, depicted on the obverse, was a recognized landmark that the occupiers incorporated into the currency design, likely to establish legitimacy and familiarity with the local population. These occupation notes were eventually withdrawn from circulation following the Allied liberation of the Philippines in 1945, making surviving uncirculated examples historically significant documents of this military occupation period.

The front design centers on the Rizal Monument in Manila, positioned prominently on the right side of the note with its characteristic ornamental gardens and landscaping rendered in fine detail. The reverse features a purely decorative composition with a central floral or botanical motif surrounded by elaborate scrollwork and corner flourishes. The note employs extensive ornamental borders with scrollwork in all corners, and a decorative oval medallion design in the center top area of the obverse. The block letters 'PG' serve as printer/control marks. The color scheme combines black line work on a purple/mauve underprint (obverse) and brown tones (reverse) on white paper, creating visual distinction between sides while maintaining the somber, formal aesthetic typical of wartime occupation currency.

Front side: 'THE JAPANESE GOVERNMENT' (top center), 'FIVE HUNDRED' (center left in purple text), '500' (large numerals in upper left, upper right, and center), 'FIVE HUNDRED PESOS' (bottom), with block letters 'PG' appearing in red upper left and small text right side, plus Japanese characters below denomination text. Back side: '500' (upper left and right corners), 'FIVE HUNDRED' (center), 'PESOS' (center below denomination), '500' (lower left and right corners). All inscriptions maintain English-language denominations reflecting the intended use in English-speaking Philippine commerce.

Lithographed intaglio printing, evidenced by the intricate engraved line work, fine detail in the scrollwork, and complex ornamental patterns visible throughout both sides. The sharp registration, fine line definition, and detailed security design elements reflect professional security printing standards. The note was produced on white paper with a watermark featuring the quatrefoil kiri flower, a security feature consistent with Japanese wartime currency production standards.

Pick catalog designation P-114b indicates this is the second identified variety of the 500 Pesos 1945 issue (P-114a being the first variety). The block letters 'PG' visible on this example serve as a printer control mark. No specific date variations are noted on the visual examples, and the issue date is consistently listed as 1944-1945. Watermark variety (quatrefoil kiri flower on white paper) is noted in the catalog references but appears standard for this printing.