The Vancouver Numismatic Society
Philippine Emergency Notes by Peter N. Moogk
If you are looking for a low-priced, collecting field with a rich history, then the wartime emergency currency of the Philippines might satisfy you. After the Japanese occupation of the American-controlled Commonwealth of the Philippines in 1942, the use of American and Filipino banknotes was forbidden in May. The Japanese issued their own "money" for purchases and compensation. These notes, often without serial numbers and produced in unlimited quantities, were dismissed by the local population as "Mickey Mouse money." 425 tons of Philippine coins had been dumped into Caballo Bay to keep them out of Japanese hands. There was a shortage of acceptable, small currency. An emergency currency had already been sanctioned by the Philippine legislature and by President Manuel Quezon of the government in exile.
To meet the needs of commerce, national, provincial and municipal institutions issued their own banknotes, valued in centavos and pesos. Given the Philippine government's prior approval, these were legal issues, although being caught with these banknotes was punished by the Japanese. As you can see from the examples in the illustration, the quality of printing varied, from a professional standard to crude, wood block prints. After the liberation of the Philippines, these notes were fully redeemed up to the amount of 500 pesos. Higher amounts of notes were only partially redeemed. In 1944-45 the Americans supplied high quality banknotes imprinted with "Victory." These new bills replaced the wartime provisional currency. Enough of the improvised notes survived to satisfy currency collectors of modest means.