Philippines Bank of the Philippine Islands 5 Pesos 1.1.1912 Pick 7a PMG Choice Uncirculated 64 EPQ.. ...

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Nearly Gem Philippines 1912 5 Pesos Pick 7a Red Back

Philippines Bank of the Philippine Islands 5 Pesos 1.1.1912 Pick 7a PMG Choice Uncirculated 64 EPQ.
The Philippine Islands were ceded to the United States after the Spanish American War and their monetary system was tied to ours, with 2 Pesos equaling one United States dollar. Prior to 1921 and during 1944 and 1945, Philippine coinage was struck at mints in the United States and paper money was printed by the Bureau of Engraving and Printing. Several different series were printed, and titles changed as governance of the islands evolved. The size chosen for the notes was eventually selected for our small size currency. Since the notes were printed by the BEP and were also in what would become our Federal size, they are very collectible with the American series. Although the "Red Book" lists the coins, Friedberg chose not to include the notes in his Paper Money of the United States. Mike Coltrane was justifiably interested in them for historical reasons, but was particularly attracted to the backs, many of which are golden-orange like United States gold certificates.

The 5 Pesos is a handsome type. The seated allegorical female at the left, resting her right hand on a money box and holding a sheaf of grain in her left, was used on subsequent 5 Pesos faces. At the center, there is a red tinting of emanating rays (like used on Third Liberty Loan bonds), and a blue bank seal is at the right. The intricate back is a brilliant red (also like backs of Third Liberty Loan) with titles across. This type is especially pleasing in pack-fresh and virtually Gem Uncirculated grade. Only 850,000 notes were printed featuring the signature combination of Garcia and Hord. There are other Uncirculated notes known in this serial number range (see LKCA 2012 IPMS Pineda sale, lot 5069), but few are extant in this stellar condition. A full Gem Uncirculated 65 EPQ example realized $1,320 in our 2020 FUN World Paper Money sale.
From The Mike Coltrane Collection.

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