Victory Series No. 66
Philippine Treasury Certificates printed by the U.S. Bureau of Engraving and Printing in 1944 —the issue known as Victory Series No. 66— to accompany the return of liberation forces. Last Philippine paper-money issue under United States administration.
From Treasury Certificates to the Leyte landing
During the American period (1903–1941), the Insular Government first issued Silver Certificates (1903) backed by silver pesos or U.S. dollars at the fixed rate of ₱2 = $1, and from 1918 Treasury Certificates backed by United States Government bonds. Those issues, printed by the U.S. Bureau of Engraving and Printing (BEP), kept the 160 × 66 mm format that later influenced even the size of United States notes.
The Japanese occupation (1942–1945) voided pre-war paper and flooded the economy with “Japanese Invasion Money.” The Commonwealth government in exile and United States authorities prepared an emergency issue for liberation: the Treasury Certificates Victory Series No. 66.
The figure “66” is traditionally attributed to Manuel L. Quezon’s age at death (1 August 1944). Quezon was born on 19 August 1878 and had turned 65; the figure 66 appears in numismatic sources and in references to the BEP, though the original report is not cited here at first hand. The series prints the legend “VICTORY SERIES NO. 66” twice in place of a date.
On 20 October 1944, with MacArthur’s landing at Leyte, the first notes entered circulation. Secondary sources put the issued face total at ₱1,019,544,000. They were the last Philippine notes printed by the BEP.
Design, signatures, and overprints
The notes keep the general design of pre-war Treasury Certificates: portraits of heroes or historical figures on the face, the blue Commonwealth seal, English text certifying a deposit in the Treasury of the Philippines, and the promise of payment “in silver pesos or in legal tender currency of the United States of equivalent value.” The reverse carries the large black VICTORY overprint.
Denominations issued: 1, 2, 5, 10, 20, 50, 100, and 500 pesos. Main signature combinations:
- S. Osmeña (President) + J. Hernandez (Auditor General) — the most common on 1 and 2 pesos.
- S. Osmeña + M. Guevara (Treasurer) — found on some higher denominations.
- M. Roxas (President) + M. Guevara (Treasurer) — less frequent.
In 1949, with the creation of the Central Bank of the Philippines, remaining stock received an additional red “CENTRAL BANK OF THE PHILIPPINES” overprint (Pick 117 and following). Those “Victory-CBP” notes remained legal tender until 30 July 1964 and could be redeemed until 30 July 1967.
The 500-peso note was demonetized earlier (1955–1957). The full series is the bridge between Commonwealth paper and the new central bank’s English Series (1951).
Documented specimens
Victory Series No. 66 notes without the red Central Bank overprint, photographed and described in the Notofilia records.
Series denominations (without CBP overprint)
| Value | Portrait / motif | Pick (no CBP) | Main color |
|---|---|---|---|
| 1 peso | Apolinario Mabini | 94 | Orange (reverse) |
| 2 pesos | José Rizal | 95 | Blue |
| 5 pesos | William McKinley and George Dewey | 96 | Yellow |
| 10 pesos | George Washington | 97 | Brown |
| 20 pesos | Mayon Volcano | 98 | Orange / tan |
| 50 pesos | Henry Ware Lawton | 99 | Pink |
| 100 pesos | Ferdinand Magellan | 100 | Beige / light gold |
| 500 pesos | Miguel López de Legazpi | 101 | Violet |
Types with the red CBP overprint correspond roughly to Pick 117–124. Usual dimensions ~161.9 × 67.4 mm (Numista).
Sources
- Bangko Sentral ng Pilipinas — English Series / demonetized notes (opens in a new tab) (Victory Series No. 66 arrived in 1944; CBP overprint; legal tender until 30 July 1964)
- Bangko Sentral ng Pilipinas — History of Philippine Money (opens in a new tab)
- Wikipedia — Banknotes of the Philippine peso (opens in a new tab) (American Period and VICTORY-CBP sections)
- numismatics.ph — Victory Series No. 66 Treasury Certificate Catalog (opens in a new tab)
- Bank Note Museum / Standard Catalog of World Paper Money — Pick 94–101 and 117+
- Numista — 1 Peso (Victory) and 2 Pesos (Victory) records
- Executive Order No. 25, s. 1944 (18 November 1944) — recognition of Victory Pesos as legal tender