20 Piso Without border

正面描述	Intaglio portrait vignette of Manuel L. Quezon in three-quarter front-facing bust at left centre, set within an elaborate guilloche oval surround, with a multicolour numeral "20" rosette at upper left and a floral guilloche numeral panel at upper right. Two manuscript signatures appear at centre, captioned "PANGULO NG PILIPINAS" and "TAGAPANGASIWA NG BANGKO SENTRAL", with the circular Bangko Sentral ng Pilipinas seal of 1949 at lower right. The denomination "DALAWAMPUNG PISO" is printed in bold letterpress along the lower margin.
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防伪类型	Watermark
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备注	The "without border" variety of this note — catalogued separately from the bordered version — reflects a mid-run plate modification rather than a distinct issue. Thomas De La Rue altered the frame treatment between printings, a small change that created two collectible varieties from what was otherwise a single authorization. At 12,175,000 pieces, the print run was substantial, but border-variety splits mean neither iteration is as common as the aggregate figure suggests. 1972 was the year Marcos declared martial law, placing the Bangko Sentral under tighter executive control. Notes from this period circulated under a radically different political arrangement than those issued just months earlier.

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