U.S.-Philippine Banknotes (1903-1944)
Since their inception, banknotes have played a paramount role in commerce, especially for facilitating large transactions in daily life.
In the Philippines, the production of banknotes began during the Spanish colonial period, primarily issued by local banks—most notably the Banco Español Filipino.
Following the Coinage Act of 1903, the United States not only minted coins for the Philippines but also printed millions of pesos’ worth of silver certificate banknotes.
These banknotes were not merely instruments of exchange—they also reflected the political and cultural identity of the era, featuring a symbolic blend of American statesmen, Filipino heroes, and notable historical scenes and landmarks.
Silver Certificates (1903–1918)
As the name implies, silver certificates were paper notes that served as certificates of deposit for silver. Although printed in the form of banknotes, they were not backed by fiat power or general assets, but by actual silver reserves held by the Treasury.
Typically inscribed on these notes was the phrase:
"Payable to the bearer on demand in silver pesos or gold coin"
This meant that the holder could redeem the note for a fixed amount of silver (or, in some cases, gold). This convertibility gave the certificates tangible value and earned public trust.
Notably, the notes referred to the country as the Philippine Islands, reflecting its official designation as a U.S. territory during that period.
Denominations and Designs:
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₱2 – José Rizal
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₱5 – William McKinley
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₱10 – George Washington
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₱20 – Mount Mayon
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₱50 – General Henry Lawton
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₱100 – Ferdinand Magellan
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₱500 – Miguel López de Legazpi
Issuance Timeline:
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1903 – First issuance of the ₱2, ₱5, and ₱10 notes—the seal shows a woman holding a hammer, similar to the obverse of the USPI silver coins.
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1905 – Introduction of the ₱20, ₱50, ₱100, and ₱500 notes—beginning with this series, the seal was changed.
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1906 – New issue of the ₱2 and ₱500 notes
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1908 – New issue of the ₱20 note only
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1910 – New issue of the ₱5 note only
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1912 – New issue of the ₱10 note only
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1916 – Final issues of the ₱50 and ₱100 notes
1903 2P, 5P and 10P , Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
Treasury Certificates (1918–1941)
In 1918, the U.S. government replaced silver certificates with treasury certificates in the Philippines. Unlike their predecessors, these were not backed by silver, but by the general credit of the Treasury.
This transition was likely driven by the rising global price of silver or a shortage in reserves. Despite the shift, the notes retained the familiar inscription:
"Payable to the bearer on demand in silver pesos or gold coin"
—a phrase likely retained to maintain public confidence and visual continuity.
These certificates retained the same denominations and portrait designs as the earlier silver series, with one major addition:
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₱1 – Apolinario Mabini
Issuance Timeline:
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1918 – First issuance of ₱1, ₱2, ₱5, ₱10, ₱20, ₱50, ₱100, and ₱500
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1924 – New issue of ₱1, ₱2, ₱5, ₱10, and ₱500 notes, now printed without underprints
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1929 – Final pre-Commonwealth issue of all denominations
These notes continued into the Commonwealth era, updated to reflect the new Philippine government:
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1936 – First Commonwealth treasury note series: ₱1, ₱2, ₱5, ₱10, ₱20, ₱50, ₱100, and ₱500
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1941 – New issue of ₱1–₱20 notes; higher denominations were not shipped due to World War II
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1944 – Victory Series No. 66 issued, consisting of ₱1, ₱2, ₱5, ₱10, ₱20, ₱50, ₱100, and ₱500 featuring "VICTORY" boldly printed on the reverse to symbolize liberation and renewed sovereignty.
1929 1P, 10P and 100P , Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
Banco Español Filipino/Bank of the Philippine Islands (BPI) (1904–1933)
During the American period, the Banco Español Filipino retained its charter to issue banknotes. In 1904, it reissued its earlier Spanish-period notes—₱5, ₱10, ₱25, ₱50, and ₱100. A distinctive feature of this reissue was the omission of the word fuertes, previously used to denote the currency's legal strength.
In 1908, a new series was introduced—now printed in the United States featuring classical female figures in the design—an artistic shift influenced by Western neoclassical trends.
By 1912, the bank had officially changed its name to Bank of the Philippine Islands (BPI). The notes issued that year reflected this transition, along with the translation of Spanish to English text.
Subsequent reissues came in:
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1920 and 1928 – Issue with updated dates and minor design tweaks
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1933 – Final issue, limited to ₱5, ₱10, and ₱20 denominations
1904 25P, 100P and 200P , Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
50P 1908 issue vs 1912, Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
Philippine National Bank (PNB) (1916-1944)
The Philippine National Bank (PNB) was established in 1916 as a state-owned bank, created to serve as the national depository and provide financial services for the developing nation.
Its first banknote series followed the design of silver certificates but introduced new portraits for two denominations:
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₱1 – Charles A. Conant
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₱20 – William A. Jones
Issuance Timeline:
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1916–1920 – First issuance of ₱1, ₱2, ₱5, ₱10, ₱20, ₱50, ₱100, and ₱500
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1921 – New issue of ₱1, ₱2, ₱5, ₱10, and ₱20 without underprints
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1924 – New issue of the ₱1 note only
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1937 – Final issue of ₱5, ₱10, and ₱20 notes
A notable feature on PNB notes is the phrase:
"In lawful currency of the Philippine Islands"
emphasizing their legal tender status under U.S. colonial rule.
Emergency Circulation Notes:
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1917 – During World War I, PNB issued emergency 10, 20, and 50 centavo notes to address currency shortages
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1919 – A second emergency series was created by defacing BPI banknotes and overprinting them with “The Philippine National Bank” on the reverse.
1917 10C and 20C Emergency Banknotes, Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
1919 5C Defaced Emergency Banknotes, Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
1916-1920 1P and 20P Regular Issue, Images Source: Standard Catalog of World Paper Money (2017 Edit 16)
Scarcity and Collectibility
As with United States–Philippine (USPI) coins, many of these historical banknotes were naturally lost, damaged, or worn down over time. Their fragile nature—especially without proper care and storage—made them more susceptible to deterioration than coins.
The chaos of World War II further contributed to their destruction and scarcity. Today, surviving examples—particularly those in very good condition or better—are considered rare and can command a significant premium in the collector market.
Sources & Further Reading:
1. Book: Yaman, History and Heritage in Philippine Money
2. Standard Catalog of World Paper Money. General Issues. 1368-1960. (2017 Edit 16)
3. Numismatics.ph: Catalog of Banknotes | Numismatics Philippines
4. WorldBanknotesCatalog.com: Philippines Banknotes & Paper Money
Published Date: 7/6/2025