Obverse
Portrait of George Washington, Red/Blue Seal of the Philippine National Bank, "Philippine National Bank Circulating Note" The Philippine National Bank will pay the bearer on demand ten Pesos in lawful currency of the Philippine Islands" "Series of //" "Issued under the provisions of Act 2612 of the Philippine Legislature as amended by Act 2747" "Manila P.I ". Issue authorized , under the provisions of Act Numbered 2612 of the Philippine Legislature, as Amended.
Reverse
"Ten Pesos" "Philippine National Bank Circulating Note" "This note is receivable by the Philippine Government in payment of all taxes, dues or other claims due or owing to said Government and is exempt from all taxes."
Remarks
The series were printed in uncut sheet of 5 and both and series were printed in uncut sheet of 10. All were demonetized after pursuant to Republic Act No. 211, Republic Act No. 734, Republic Act No. 831, Executive Order No. 188, Executive Order No. 202 and Executive Order No. 211
Remarks 2
As per Government Record, all Philippine National Bank Circulating Note were legally issued initially. During the Japanese occupation of the Philippines, ₱ 1,320,000.00 of this note (serial number enumerated below) was captured by the Japanese Military Authorities and re-issued them. After the war, all Japanese Military re-issued Philippine National Bank (PNB) Circulating Note were declared illegal by virtue of
Republic Act No. 211. Eventually the government allowed it to be redeem by virtue of Republic Act No. 734.
A1226001A - A1260000A ₱340,000.00
E4001E - E102000E ₱980,000.00
At the beginning of the Japanese occupation, American Issued money is allowed for circulation, but later, Japanese authorities outlawed it, including guerilla currencies, those caught exchanging with it were taken to Fort Santiago and punished for committing a hostile act, thus this 10 Pesos Philippine National Bank (PNB) Circulating Note eventually ended up in Mindanao, being sold by Moros at a bargain of around 20 centavos to 1.50 pesos each.