After the United States of America granted the Philippine Independence on July 4, 1946,
Republic Act No. 265 was approved on June 15, 1948, an act establishing the Central Bank of the Philippines
(CBP). All powers, duties and functions vested in the Bureau of the Treasury, Treasurer of the Philippines, Bank Commissioner and Bureau of Banking, which by the provisions of this Act was transferred to the Central Bank of the Philippines
(CBP). On January 3, 1949, Central Bank of the Philippines was officially created, with Miguel Cuaderno, Sr. as its first governor.
In 1949, the Central Bank of the Philippines (CBP) issued its first official “transitory provisional” banknotes with overprint of the words “CENTRAL BANK OF THE PHILIPPINES" on the reverse of "Victory Series No. 66 Treasury Certificate", resulting in double overprint. This signifies that this double overprinted treasury certificates is now a “transitory provisional” banknotes, no longer an obligation of Bureau of the Treasury and Treasurer of the Philippines, from now on, under the obligation of the Central Bank of the Philippines (CBP). This signifies that the Central Bank of the Philippines (CBP), henceforth is the sole authority in issuing currency for circulation. A Total of ₱ 253,126,000 were issued for this series.
President Ramon Magsaysay on July 7, 1954 issued Proclamation No. 44, calling the Congress the Philippines to a special section, to consider the enactment of number 10, An Act to demonetize Treasury certificates and Central Bank notes of over one hundred-peso denominations, and for other purposes. The 500 Pesos were withdrawn from circulation on August 25, 1954, after the approval of the Congress of the Philippines of the Republic Act No. 1191, it can be exchange within six months and considering it demonetized after February 24, 1955. Due to clamor of the people, Republic Act No. 1516 was approved on June 16, 1956 extending the exchange until December 31, 1957 and considered demonetized afterwards. The rest of the denomination by virtue of Circular No. 156 of 1963 issued by the Central Bank of the Philippines (CBP), were legal tender until July 30, 1964, but can be exchanged until July 30, 1967, and considered demonetized after that period.
Victory Series No. 66-Central Bank of the Philippines (CBP) Banknote is the predecessor of English Series Banknote and the successor of Victory Series No. 66 Treasury Certificate