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5 Pesos Treasury certificate, Without rays

Issuer Treasury of the Philippine Islands
Year 1924
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Shape Rectangular
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Reverse description Entirely engraved in orange, the reverse is dominated by a central vignette of radiating tropical palm or pineapple foliage above an elaborate guilloche panel bearing the legend PHILIPPINE ISLANDS in large serif capitals. A Roman numeral V appears in a circular medallion at top center flanked by TREASURY CERTIFICATE inscriptions, while the numeral 5 occupies each lateral margin within scrollwork cartouches. At the base, an ornate banner cartouche carries the words FIVE PESOS, flanked by FIVE in two smaller oval panels.
Reverse lettering TREASURY CERTIFICATE TREASURY CERTIFICATE PHILIPPINE ISLANDS FIVE FIVE PESOS FIVE
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Comments

Philippine Treasury certificates were authorized under the Jones Act framework, pegged to the gold dollar at two pesos to the dollar. The "Without rays" designation distinguishes this from an earlier plate variant — the rays in question emanate from the serial number panel on the obverse, and their removal reflects a mid-series plate modification at the BEP rather than any administrative or policy change in Manila.

Pick 70 is the scarcer of the two ray variants. The Philippine Islands Treasury series printed in Washington saw substantial attrition during the Japanese occupation of 1941–45, when large quantities of pre-war currency were destroyed to prevent enemy use.

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