Republic Act No.265 created the Central Bank of the Philippines (CBP) on January 3, 1949, which was vested the power of administering the banking & credit system of the country. Initially, the CBP issued the Victory Notes with the overprint (in red ink) “Central Bank of the Philippines ” in 1949. The first official banknotes issued by the Central Bank were the English series in 1951.
There are 3 distinct styles of the overprint, thin, medium and thick (examples below). There appears to be no known pattern to the application of these overprints to the remaining Victory notes (signature combinations, etc.).
