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500 Pesos Silver certificate
| Issuer | Philippine Islands Treasury |
|---|---|
| Year | 1906 |
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| Currency | Peso (1857-1967) |
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| Obverse description | Central intaglio vignette of Miguel López de Legazpi, the Spanish conquistador and first Governor-General of the Philippines, shown in a half-length portrait with his name inscribed below. Denomination numerals '500' appear at all four corners within elaborate guilloche framework, with the blue circular seal of the United States of America at right. Two manuscript signatures appear at lower left, with the authorization and promise-to-pay text arching across the upper and central portions of the note. |
|---|---|
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| Variants | P#33a - signatures: Smith & Branagan P#33b - signatures: Forbes & Barrett P#33c - signatures: Burton Harrison & Fitzsimmons |
| Comments |
The Philippine Islands silver certificates were authorized under the Philippine Organic Act of 1902, which pegged the Philippine peso to the U.S. dollar at two to one and established a silver-backed currency reserve held in Washington. At the 500 peso denomination — equivalent to $250 U.S. — these notes functioned almost exclusively as instruments of inter-bank settlement and large commercial transactions. Retail circulation was never the point.
Three signature combinations are documented for Pick 33, reflecting successive Insular Treasurer and Auditor pairings across the note's issuing life. The Smith/Branagan pairing is the earliest and scarcest of the three.