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5 Pesos Circulating note, Blue seal, Yellow back
| Issuer | Philippine National Bank |
|---|---|
| Year | 1921 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | PHILIPPINE NATIONAL BANK CIRCULATING NOTE ISSUED UNDER THE PROVISIONS OF ACT NUMBERED 2612 AS AMENDED BY ACTS 2747 AND 2938 OF THE PHILIPPINE LEGISLATURE THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND FIVE PESOS IN LAWFUL CURRENCY OF THE PHILIPPINE ISLANDS FIVE PESOS FIVE FIVE |
| Reverse description | Log in to see details |
| Reverse lettering | FIVE PESOS FIVE PESOS 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 FIVE FIVE |
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| Comments |
The Philippine National Bank was established in 1916 partly to break the stranglehold of foreign commercial banks — primarily British and American — on agricultural credit in the islands. These circulating notes were authorized under the PNB's charter to function as legal tender, a privilege unusual for a state-owned commercial bank and one that made the institution a direct instrument of colonial economic policy under the American administration.
The BEP's involvement meant the plates never left Washington, creating a logistical dependency that would become awkward during the Japanese occupation two decades later. The yellow back is a deliberate anti-counterfeiting measure specific to this series, not a design affectation.