Japanese government-issued Philippine fiat peso

Japanese government-issued Philippine fiat peso
Peso (English), (Tagalog), (Spanish)
Obverse of the 10 pesos note, 1944-1945
User(s)	Second Philippine Republic
Subunit
1/100	Cent Centavo or Céntimo (Spanish) Sentimo (Tagalog)
Symbol	₱
Plural	pesos
Banknotes	1₱, 5₱, 10₱, 50₱, 100₱, 500₱, 1000₱
Central bank	Japanese government
This infobox shows the latest status before this currency was rendered obsolete.

During World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republic under Jose 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.

Some Filipinos called the fiat peso "Mickey Mouse money". Many survivors of the war^[who?] tell stories of going to the market laden with suitcases or "bayong" (native bags made of woven coconut or buri leaf strips) 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.^[1] In 1944, a box of matches cost more than 100 Mickey Mouse pesos.^[2]

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.^[3]

Denominations

1942 series

First Series
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
	[[File:|99px|1 centavo]]	1 centavo	Green			1942
		5 centavos	Blue			1942
	[[File:|99px|10 centavos]]	10 centavos	Grey			1942
		50 centavos	Violet			1942
		1 peso	Green	Rizal Monument		1942
[[File:|99px|5 pesos]]	[[File:|99px|5 pesos]]	5 pesos	Blue	Rizal Monument		1942
		10 pesos	Blue			1942
For table standards, see the banknote specification table.

1944-45 series

A new series of 1, 5, and 10 peso bills was issued in 1943. Hyperinflation had also forced the Japanese to issue 100, 500, and 1000 peso notes in 1944.

Second Series
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
[[File:|99px|1 peso]]	[[File:|99px|1 peso]]	1 peso	Violet			1943-1945
[[File:|99px|5 pesos]]	[[File:|99px|5 pesos]]	5 pesos	Violet			1943-1945
		10 pesos	Green	Rizal Monument		1944-1945
		100 pesos	Brown	Rizal Monument		1944-1945
[[File:|99px|500 pesos]]	[[File:|99px|500 pesos]]	500 pesos	Violet			1944-1945
[[File:|99px|1000 pesos]]	[[File:|99px|1000 pesos]]	1000 pesos	Grey-Blue			1944-1945
For table standards, see the banknote specification table.

See also

• Emergency circulating notes
• Japanese government-issued dollar in Malaya, North Borneo, Sarawak and Brunei
• Philippine peso

References

1. ^ Barbara A. Noe (August 7, 2005). "A Return to Wartime Philippines". Los Angeles Times. http://www.latimes.com/news/local/valley/la-tr-philippines7aug07,0,648886,full.story?coll=la-editions-valley. Retrieved 2006-11-16. ^{[dead link]}
2. ^ Agoncillo, Teodoro A. & Guerrero, Milagros C., History of the Filipino People, 1986, R.P. Garcia Publishing Company, Quezon City, Philippines
3. ^ Friedman, Herbert A.. "WWII Allied Propaganda Banknotes". http://www.psywarrior.com/WWIIAlliedBanknotes.html. Retrieved 2010-04-17. 

External links

• Banko Sentral ng Pilipinas - Philippine Central Bank Website
• Philippine Currency During WWII