Obverse
Seal of the Philippine National Bank, "Fifty Centavos" "Philippine National Bank Emergency Circulating Note" "Issued under the provisions of Act No. 2612 of the Philippine legislature, The Philippine National Bank will pay the bearer on demand fifty centavos" "Fifty Centavos gold has been deposited in the insular treasury for the redemption of this certificate"
Reverse
Image of an American bald eagle "Philippine National Bank" "Fifty Centavos" "Emergency Circulating Note" "" "Manila P.I"
Remarks
All were printed in the Philippines and 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