One Peso Victory Series No. 66
Treasury Certificate · Pick 94a · serial F70618009
Historical and Issue Context
One peso, not one dollar: the specimen is a Treasury Certificate for one peso. Collectors sometimes call it a “Victory note” or “Victory dollar” because the clause promises payment in silver pesos or in United States legal tender of equivalent value (the Commonwealth peso was tied to the dollar at 2:1).2 The printed face value is ONE PESO.
Pick 94a, not Pick 117c: the Standard Catalog and the Bank Note Museum number this type —Victory Series No. 66 without the red Central Bank overprint— as Pick 94a.3,4 Pick 117c is the same design with a thin red “CENTRAL BANK OF THE PHILIPPINES” overprint applied in 1949 on remaining Pick 94 stock.5 This specimen does not carry that red overprint.
The 1944 liberation: Bangko Sentral ng Pilipinas records that American liberation forces brought Victory Series No. 66 in 1944, and that after the Central Bank was created in 1949 the series denominations were overprinted “Central Bank of the Philippines” and remained legal tender until 30 July 1964.1 In its monetary history the BSP describes those Treasury certificates overprinted with the word Victory as the paper used when sovereignty was recovered.2
“No. 66”: Philippine numismatic sites attribute to a BEP report the choice of 66 as Manuel L. Quezon’s age at death (1 August 1944). Quezon was born on 19 August 1878 and was 65; the figure 66 does not match that age.8 The BEP report is not cited here at first hand.
Key Details Visible on the Banknote
- Portrait: Apolinario Mabini at left, with the captions “MABINI” and “VICTORY SERIES NO. 66” under the oval.
- Clause: “THIS CERTIFIES THAT THERE HAS BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINES / ONE PESO / PAYABLE TO THE BEARER ON DEMAND IN SILVER PESOS OR IN LEGAL TENDER CURRENCY OF THE UNITED STATES OF EQUIVALENT VALUE”.
- Seal: blue Commonwealth of the Philippines / United States of America seal at right.
- Serials and series: F70618009 in blue ink, repeated; “VICTORY SERIES NO. 66” in the upper-right quadrant and under the portrait.
- Signatures: S. Osmeña at left, titled President; at right, Secretary of Finance (J. Hernandez per the catalog).
- Reverse: orange with “ONE PESO” and a large 1; black “VICTORY” overprint across the width. No red Central Bank overprint.
- Color: black face on light paper, with blue seal and serials; apricot-orange reverse.
Notes
1. Bangko Sentral ng Pilipinas — English Series / demonetized notes (opens in a new tab): liberation forces brought Victory Series No. 66 in 1944; after the Central Bank (1949) those denominations were overprinted “Central Bank of the Philippines” and remained legal tender until 30 July 1964.
2. BSP — History of Philippine Money (opens in a new tab): the Commonwealth peso was tied to the dollar at 2:1; after sovereignty was recovered, Treasury certificates overprinted “Victory” were used.
3. Bank Note Museum — Philippines P-94 (opens in a new tab): 1 peso, Treasury of the Philippines, series 66 (1944), VICTORY overprint on the reverse.
4. RealBanknotes / Standard Catalog — Pick 94a (opens in a new tab): ND (1944); black on orange underprint; Mabini at left; VICTORY SERIES NO. 66 twice instead of a date; blue seal; signatures Osmeña and J. Hernandez; orange reverse with black VICTORY; USBEP printer, no imprint.
5. RealBanknotes — Pick 117c (opens in a new tab) and Bank Note Museum P-117 (opens in a new tab): ND (1949); red CENTRAL BANK OF THE PHILIPPINES overprint on Pick 94; 117c = thin lettering. Not this specimen.
6. Numista — 1 Peso (Victory) (opens in a new tab): 161.9 × 67.4 mm; that record lists demonetization on 30 July 1967; Pick 94a, Osmeña and Hernandez; print run 61,192,000. Secondary catalog figures.
7. Guerrilla Money — Victory Series (opens in a new tab): BEP delivery table; 1 peso Mabini, Osmeña–Hernandez, 61,192,000. Not a first-hand BEP document.
8. numismatics.ph — Victory Series No. 66 (opens in a new tab): attributes “66” to the BEP; Leyte landing on 20 October 1944; series face total ₱1,019,544,000. Secondary source.