PMG Counterfeit Detection: Philippines 1917 Emergency Issues

World War I affected numismatics around the world because precious metals were hoarded, including the silver used for Philippines coins. There, the new Philippine National Bank was given the power to print paper money, including Emergency Issue 10 Centavos, 20 Centavos and 50 Centavos (Pick# 39 to 41).

These notes are an important part of the Philippines' numismatic history, and they can have considerable collector value. Prices realized at Stack's Bowers Galleries auctions include:

• $1,200 for a 1917 10 Centavos graded a "Top Pop" PMG 66 Gem Uncirculated EPQ in February 2022
• $85 for a 1917 20 Centavos graded PMG 63 Choice Uncirculated (shown above) in December 2024
• $600 a 1917 50 Centavos graded PMG 64 Choice Uncirculated EPQ in February 2022.

Counterfeits are known for each of these issues. Here is an example of each:

These notes share a similar design, making life easier for counterfeiters. In fact, counterfeits for each of the three denominations typically share a similar flaw in their design. Near the top of the front of the note, the 'R' in the word EMERGENCY has a straight right leg on genuine notes, while it is crooked on counterfeits.

Counterfeit 10 Centavos	Counterfeit 20 Centavos	Counterfeit 50 Centavos
Genuine 10 Centavos	Genuine 20 Centavos	Genuine 50 Centavos
Click images to enlarge.

The counterfeits also show other signs of inferior production. For instance, look at the fine lines in the design at the top of the front of the genuine 50 Centavos (above and to the left of the red serial number), compared to the counterfeit. The lines are scraggly on the fake.

Counterfeits may look well-worn because they passed convincingly alongside genuine notes, and these signs of circulation can make it more difficult to identify fakes today. Paper money collectors who want to know that their notes are genuine can rest assured that PMG backs its determinations of accuracy and grade with the PMG Guarantee.