Philippine Victory Notes (PVN)

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The Philippine Government issued Philippine Treasury Certificates (Victory Series 66) commonly known as Philippine Victory Notes, in 1944. These currency notes were for use only in the Philippines, which at the time was a dependency of the United States, and were obligations of the Philippine Treasury. The extremely rare 500-Peso Philippine Victory Notes were demonetized by the Philippine government on 31 December 1957, and were withdrawn from circulation.  At that point, other denominations of the Philippine Victory Notes (Victory Series 66) were no longer regarded as legal tender but could be exchanged or replaced at par, without charge, for legal currency until 30 July 1967. After that date, Series 66 was considered demonetized.

When U.S. Forces commanded by General Douglas MacArthur landed on Leyte Island on October 20, 1944 they carried with them Philippine Treasury Certificates (Series Number 66) with VICTORY boldly overprinted in black on the back.  We say “boldly” because the islands were not secured until February, 1945.  When the Central Bank of the Philippines assumed financial control of the Republic in 1949, a new issue was created by overprinting the VICTORY notes with CENTRAL BANK OF THE PHILIPPINES in red thus creating an interesting double overprint. These double overprint notes are not considered military issues and pay less.

A total of 1,014,848,544 Pesos (~P1.01 billion) in PVN were printed and the vast majority of them were redeemed for new pesos before the 30 July 1967 deadline.  The following table reveals the original mintage figures for Series No. 66.  Please be aware that the majority of these were overprinted in red with “Central Bank”.  The Victory-only PVNs are much rarer.  Keep these figures in mind toward identifying scammers who claim to hold in excess of totals known to be printed.

Cat Pesos President Treasurer Mintage
1 P1 61,192,000
2 P2 16,231,272
3 P5 17,355,000
4 P10 16,825,600
5 P20 12,439,635
5A P20 1,063,765
6 P50 1,884,686
6A P50 456,414
7 P100 487,335
7A P100 363,266
7B P100 404,799
8 P500 12,991
8A P500 130,725
8B P500 163,284

The following table shows the total amount of Series No. 66 PVN printed per denomination:

Denomination Total Pesos Bundles
P1 61,192,000 611,920
P2 32,462,544 162,313
P5 86,775,000 173,550
P10 168,256,000 168,256
P20 270,068,000 135,034
P50 117,055,000 23,411
P100 125,540,000 12,554
P500 153,500,000 3,070

The obvious fakes show “VICTORYSERIES” as one word, often with oval seals (circular is correct) and improper serial number formatting (one letter followed by 8 digits is correct).

We are interested in purchasing only the following four types of WWII-era Pesos.  Here are the payouts (NO NEGOTIATING):

Series Overprint Seal Color Serial Number Holder Brokers
1936 none Reddish Brown D######## 900% of FV 150% of FV
1941 none Reddish Brown E######## 900% of FV 150% of FV
No. 66 VICTORY Blue F######## 900% of FV 150% of FV
No. 66 VICTORY + CENTRAL BANK OF THE PHILIPPINES Blue F######## 60% of FV 10% of FV


For the Test Buy, the Seller must present in Makati ten (10) consecutive notes of each denomination (P500 not required), a total of seventy (70) notes.  This is a Face Value of only P1880.  A forensic test of up to 48 hours is required. 

In contrast to the rumor started by scammers, nobody pays P5 million for a 49-note set.  This is a scam designed to lure sellers into a trap whereby their notes are simply stolen (and eventually sold to us at our published rates).