English series (1951–1970)

Features the portraits of Marcelo H. Del Pilar and Graciano Lopez-Jaena, two important figures of the Propaganda movement before the Philippine revolution, on the obverse. The reverse features the official newspaper of the propaganda movement, the La Solidaridad.^[10]

Pilipino series (1969–1973)

In 1967, Andres Bonifacio replaced the portraits of Del Pilar and Lopez-Jaena. The note is now predominantly green in color. On the reverse, it now features the scenario of how to be a member of the Katipunan through signing a contract by their own blood. The design of the obverse was later revised, the font for the text Republika ng Pilipinas and Limang Piso was changed, the color of the portrait of Bonifacio was changed from brown to green and geometric lines were added on the sides and the watermark area of the bill. This design was later used when the Bagong Lipunan series was released in 1973.^[11]

Ang Bagong Lipunan series (1973–1985)

In 1973, the "Ang Bagong Lipunan" text was added and was overprinted on the watermark area.^[12]

New Design series (1985–1995 (printing years); 1985–2004 (commonly circulated); 2004–2018 (rarely circulated))

In 1985, the bill was completely redesigned and Emilio Aguinaldo replaced Bonifacio in this series.^[13] The NHCP historical marker in the Malolos Cathedral (indicating the foundation of the First Philippine Republic, which Aguinaldo became its president) along with a cannon can be seen on the right side of the obverse. On the reverse, a scene from the Declaration of the Philippine Independence is featured. This was previously featured on the reverse of the Ang Bagong Lipunan series two peso banknote.^[14] The banknote was designed by Romeo Mananquil.

After the creation of the "Bangko Sentral ng Pilipinas", its new logo was incorporated on all the New Design series bills in 1993.

In 1995, the printing of this banknote was stopped after the Bangko Sentral ng Pilipinas released the new ₱5 coin denomination that coincided the launching of the Improved Flora and Fauna series coins and due to the release of the BSP series ₱5 coin on that same year.^[15] Because of this, it is the only banknote in the New Design/BSP Series that does not use the printing year as it was only started to be used in 1997 (10-peso notes) and 1998 (rest of the banknotes in the series) when production for the five peso note was already stopped two to three years earlier.^[16] Only 303,000,000 banknotes were produced at the time when the BSP Series name is now used (with the 1993 BSP logo) which were printed from 1993 to 1995, with the notes using the letters "MQ" in red text and 1993 logo being the last prefix used and batch of banknotes printed during its production.

However, existing banknotes, along with 10 peso banknotes, continued to be seen commonly in circulation from 1995 to 2004, and from 2004 until the New Design Series' demonetization in January 3, 2018, it still had a liability of the BSP (with January 2018 submission of old banknotes are only for those who secure a receipt showing that they went to the central bank before the December 29, 2017 final deadline of submission due to not being able to accommodate several individuals who tried to exchange their notes because of the unexpected number of people who arrived) although now rarely circulated.^[17]