5 Pesos Treasury certificate, Without rays

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.