A rarity in the Philippines series, this pre-World War II Treasury Certificate issue bears the signatures of Manuel Quezon and Antonio Ramos. A mere 240,000 notes were printed for circulation, shipped to the Philippines in two batches in February 1937 and March 1941. Extensive circulation resulted in heavy attrition, and this has always been a challenging type to acquire in any grade. The Neil Shafer reference from 1964 lists this as an R2 in Very Fine and Extremely Fine grades. While the grading of notes at that time was much stricter, it indicates just how difficult this issue has always been. PMG mentions "Minor Edge Damage"

Rare note in any condition. Population: 3 in VF25, with 9 higher grades.