1 Peso Silver Certificate Issue

The Philippine 1 Peso silver certificate series was authorized under the Commonwealth government and tied directly to the Manila-held silver reserves backing the peso at a fixed 2:1 rate against the U.S. dollar. When the Japanese occupation began in 1942, the existing stock of genuine notes was partially withdrawn, though significant quantities remained in circulation alongside the forced-currency "Mickey Mouse" pesos issued by the Japanese Military Administration.

Notes from this series printed before the war are distinguishable from postwar reissues by subtle plate differences. The BEP produced replacement stock after liberation to address the currency vacuum left by the occupation, and both printings share the same Pick number despite the gap in issuance.