Obverse
Rizal Monument "The Japanese Government" "Five Hundred Pesos" Japanese Characters (Japanese Imperial Government)"
Reverse
"Five Hundred Pesos"
Remarks
It is stated in other catalogs that there is a white paper to light brown paper to orange-brown paper variety of this banknote, but many numismatists, other catalogs (which started to list it as only one variety), and modern researchers consider that the color variation is only part of an age-related process or deterioration, and it is currently recognized as such in this catalog.