To provide high value postage, the 10p and 20p values showing the new Coat of Arms of the Philippine Commonwealth were issued on September 2-1. 1937. These stamps were used for franking mails containing gold bullions exported to the United States.
Second "COMMONWEALTH" Overprint
From 1938 to 1940, the 1935 pictorial stamps were again overprinted as the first overprints were being exhausted. The second overprint was smaller than the first and both were done by the Bureau of Printing and Engraving in Washington, D.C.
Also overprinted but not illustrated herein are the following: 4c Woman and Carabao, 20c Juan dela Cruz, 30c Blood Compact P1.00 Barasoain Church, P2.00 Battle of Manila Bay, P4.00 Montalban Gorge and the P5.00 George Washington. This set is commonly known as the "Small Commonwealth" issue.