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20 Pesos Mountain, Victory

Issuer Treasury of the Philippines
Year 1944
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Value 20 Pesos
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Obverse description Central vignette of Mount Mayon rendered in fine intaglio engraving, framed by elaborate guilloche scrollwork borders with numeral 20 counters at each corner. The blue circular seal of the Commonwealth of the Philippines — United States of America is positioned at right, with two facsimile signatures (President and Auditor General) at lower left. Victory Series No. 66 notation appears in blue overprint at upper left and upper right.
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Variants P#98a - lower signature title: "Auditor General"
P#98b - lower signature title: "Treasurer"
Comments

Issued under Commonwealth authority during the Japanese occupation, these notes were printed in Washington and airdropped — or smuggled in by submarine — to guerrilla units operating in the Philippine interior. The "Mountain" series, so called because its distribution was largely confined to resistance-held upland areas, functioned as both currency and a political statement: the Commonwealth government-in-exile asserting that it, not the Japanese-installed Executive Commission, held legitimate fiscal authority.

The Victory overprint was applied in anticipation of liberation. Notes that actually circulated among guerrilla networks often show heavy handling; pristine examples typically reflect Washington stockpiles rather than field use.

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