Philippines ND (1949) P-117c PMG Choice UNC 64 EPQ 1 Peso (Victory Series)
This is the final overprinted "Victory Series" note. After the Central Bank of the Philippines was formed, old stock of unused notes were overprinted and issued while new notes from TDLR were being printed and shipped. Quite scarce actually, as the lifespan was short for this overprinted note.