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500 Pesos Treasury certificate, Green back
| Issuer | Bureau of the Treasury, Philippine Islands |
|---|---|
| Year | 1924 |
| Type | Standard circulation banknote |
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| Obverse description | Black on blue underprint. A front-facing bust vignette of Miguel López de Legazpi occupies the centre of the note, with a blue treasury seal positioned to the right. The obligation text and denomination are rendered in formal letterpress script against an intricate guilloche underprint. |
|---|---|
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| Reverse description | Printed entirely in green. The oval Seal of the Philippine Islands is centrally positioned within an elaborate guilloche border, flanked by symmetrical scrollwork and decorative vignettes. The denomination numeral 500 appears in each corner, with the value expressed in words across the lower centre panel. |
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| Comments |
The Philippine Islands Treasury Certificate series of the 1920s occupied an awkward constitutional position: issued under American colonial administration by a local Bureau of the Treasury, yet designed, engraved, and printed entirely by the USBEP in Washington — the same shop producing U.S. Federal Reserve Notes simultaneously. The 500 Peso denomination was never intended for ordinary retail use; at that value it functioned almost exclusively in interbank settlements and large commercial transactions between Manila trading houses.
Pick 72 is among the rarest survivors of the series. High-denomination notes of this type were heavily targeted during the Japanese occupation for confiscation and destruction, and the subsequent 1944 guerrilla currency chaos eliminated much of what remained in circulation.