In this 5th installment of the History of Philippine Paper Money we will dig into the final area of Philippine banknotes issued under the Insular Government of the Philippine Islands – Circulating Notes & WWI Emergency Notes (1916-1939).
United States Issues – Insular Government of the Philippines
In the previous section we covered off Standard Notes and also Silver Certificates and Treasury Certificates. Now it is time to focus on Circulating Notes.
In 1916 the Philippine National Bank (PNB) was created to print banknotes and administer state-held shares. From 1916 to 1939 the PNB issued Circulating Notes. During WWI the PNB also produced a series of Emergency notes, which we will cover next.
Banknotes issued by the PNB displayed the Philippine National Bank seal in red or blue. 1917 emergency notes did not have the “Manila. P.I” Overprint as per seal #2 below:
World War I Emergency Notes
During WWI the PNB (Philippine National Bank) printed a series of emergency notes in various denominations (10, 20, 50 centavos and 1 peso) under the provisions of Act No. 2612. These banknotes were commissioned due to a shortage of metal coins during WWI and were printed in the Philippines. The notes were printed for a single year only and bear the date November 20 1917. All notes were printed on a thicker paper than usual for banknotes of this era.
All banknotes were printed in limited quantities and are considered to be quite rare.
| Image | Denomination | Notes |
|---|---|---|
 | 10 Centavos 1917 | Type P39: WWI Emergency Note. With blue Seal #2. Total Printed: 2,500,000. |
 | 20 Centavos 1917 | Type P40: WWI Emergency Note. With red Seal #2. Total Printed: 1,250,000. |
 | 50 Centavos 1917 | Type P41: WWI Emergency Note. With red Seal #2. Total Printed: 4,000,000. |
 | 1 Peso 1917 | Type P42: WWI Emergency Note. With black Seal #2. Total Printed: 2,000,000. |
Circulating Notes
All Circulating Notes from 1918 to 1939 were printed by the Philippine National Bank (PNB). Being US approved notes, they are are very similar in design to the Silver Certificates and Treasury Certificates from 1903-1941.
| Image | Denomination/Years | Notes |
|---|---|---|
| not acquired | 1 Peso Circulating Note 1918 (Type P44) | Conant on front with blue seal #1. Green dominant colour on reverse. |
| not acquired | 1 Peso Circulating Note 1921 (Type P51) 1924 (Type P56) | Conant on front with red seal #1. Green dominant colour on reverse. |
| not acquired | 2 Peso Circulating Note 1916 (Type P45) | Rizal on front with red seal #1. Blue dominant colour on reverse. |
| not acquired | 2 Pesos Circulating Note 1921 (Type P52) | Rizal on front with red seal #1. Blue dominant colour on reverse. |
| not acquired | 5 Pesos Circulating Note 1916 (Type P46) | McKinley on front with blue seal #1 and red shading Orange dominant colour on reverse. |
| not acquired | 5 Pesos Circulating Note (overprinted) 1919 (Type P43) | Overprint of a former BPI banknote. Woman on left, blue seal #1, black overprinted bars on front. Red dominant colour on reverse with black overprinted bars and “The Philippine National Bank” in large black letters. |
 | 5 Pesos Circulating Note 1921 (Type P53) | McKinley on front with blue seal #1. Yellow dominant colour on reverse. |
| not acquired | 5 Pesos Circulating Note 1937 (Type P57) | McKinley on front with red seal #1. Orange dominant colour on reverse. |
 | 10 Pesos Circulating Note 1916 (Type P47) | Washington on front with red seal #1. Brown dominant colour on reverse. |
| not acquired | 10 Pesos Circulating Note 1921 (Type P54) | Washington on front with blue seal #1 and blue X. Brown dominant colour on reverse. |
| not acquired | 10 Pesos Circulating Note 1937 (Type P58) | Washington on front with red seal #1. Brown dominant colour on reverse. |
| not acquired | 20 Pesos Circulating Note 1919 (Type P48) | William A Jones on front, yellow coloured note, blue seal #1, Orange dominant colour on reverse. |
| not acquired | 20 Pesos Circulating Note 1921 (Type P55) | William A Jones on front, blue seal #1, two blue X’s, no color in suns rays. Tan dominant colour on reverse. |
| not acquired | 20 Pesos Circulating Note 1937 (Type P59) | William A Jones on front, red seal #1, red blue X’s, no color in suns rays. Yellow dominant colour on reverse. |
| not acquired | 50 Pesos Circulating Note 1920 (Type P49) | Lawton on front with red seal #1. Red dominant on reverse. |
| not acquired | 100 Pesos Circulating Note 1920 (Type P50) | Magellan on front with red seal #1. Olive green dominant on reverse. |
Read on for Japanese Invasion Money.