March 23, 1947
Bonifacio Monument - Definitive
10-Centavos Red-Orange

Engraved by the American Bank Note Company, USA
Printed in Sheets of 400, Separated into Four Post Office Panes of 100 Subjects (10 x 10)
Plate Number: 1-20313
Printed on Unwatermarked Paper
Perforation: 12
Quantity: 40,000,000 (Less 10,999,500 Overprinted/Surcharged)
1^st Printing - 12,000,000. 2^nd Printing - 6,000,000
3^rd Printing - 7,000,000. 4^th Printing - 15,000,000

505a

Horizontal Perforations Shifted Downward 5mm
With 'Philippines' Appearing at the Bottom Instead of the Top

505b
(From the Collection of Dr Ngo)

Horizontal Perforations Shifted Downward 6mm
Cutting Through 'Postage'

505c
(From the Collection of Dr Ngo)