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1 Peso Conant, Blue seal
| Issuer | Philippine National Bank |
|---|---|
| Year | 1918 |
| Type | Log in to see details |
| Value | 1 Peso |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | PHILIPPINE NATIONAL BANK CIRCULATING NOTE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND ONE PESO IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS ISSUED UNDER THE PROVISIONS OF SECTION 18, ACT NUMBERED 2612, OF THE PHILIPPINE LEGISLATURE SERIES OF 1918 |
| Reverse description | Log in to see details |
| Reverse lettering | ONE PESO PHILIPPINE NATIONAL BANK CIRCULATING NOTE THIS NOTE IS RECEIVABLE BY THE PHILIPPINE GOVERNMENT IN PAYMENT OF ALL TAXES, DUES OR OTHER CLAIMS DUE OR OWING TO SAID GOVERNMENT AND IS EXEMPT FROM ALL TAXES |
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| Comments |
The Conant designation honours Charles A. Conant, the American financial adviser who restructured the Philippine monetary system following the 1903 Currency Act — the legislation that pegged the peso to the US dollar at exactly two to one and replaced the unwieldy silver certificates that had preceded it. Philippine National Bank notes of this period were effectively instruments of colonial fiscal management, used in part to finance wartime infrastructure and sugar crop loans during a significant expansion of PNB's agricultural lending.
The blue treasury seal distinguishes this issue from the red-seal series. Both were printed in Washington, making the Philippines unusual among US-administered territories in having its currency produced entirely by the BEP rather than any local authority.