Japanese government-issued Philippine peso


During World War II in the Philippines, the occupying Japanese government issued a fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso. The Second Philippine Republic under President José P. Laurel outlawed possession of guerrilla currency, and declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested or even executed.
Some Filipinos called the fiat peso "Mickey Mouse money". Many survivors of the war tell stories of going to the market laden with suitcases or "bayóng" overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U.S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos.
These bills were often used by American psychological warfare personnel as propaganda leaflets. Japanese occupation banknotes were overprinted with the words "The Co-prosperity Sphere: What is it worth?", in an attempt to discredit the Greater East Asia Co-Prosperity Sphere, and dropped from Allied aircraft over the occupied territories.

Denominations

1942 series

ImageValueIssue dateSeries
1 centavo1942First
5 centavos1942First
10 centavos1942First
50 centavos1942First
1 peso1942First
5 pesos1942First
10 pesos1942First

1943–45 series

A new series of notes in denominations of 1, 5 and 10 pesos were issued in 1943. Hyperinflation also forced the Japanese to issue notes for 100, 500 and 1000 pesos in 1944.
ImageValueIssue dateSeries
1 peso1943Second
5 pesos1943Second
10 pesos1943Second
100 pesos1944Second
500 pesos1944Second
1,000 pesos1945Second