Japanese government-issued Philippine peso

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Japanese government-issued Philippine peso
Peso (English), (Tagalog), (Spanish)
Japanese Invasion Money, 10 Pesos Obverse.jpg
Obverse of the 10 pesos note, 1944-1945
Central bank Japanese government
User(s) Philippines Second Philippine Republic
 1/100 Cent
Centavo or Céntimo (Spanish)
Sentimo (Tagalog)
Plural pesos
Banknotes 1₱, 5₱, 10₱, 50₱, 100₱, 500₱, 1000₱
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 (see also Japanese invasion money). The puppet state under 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.

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]


1942 series[edit]

First Series
Image Value Main Color Description Date of issue
Obverse Reverse Obverse Reverse
1 centavo 1 centavo 1 centavo Green 1942
5 centavos 5 centavos 5 centavos Blue 1942
10 centavos 10 centavos 10 centavos Grey 1942
50 centavos 50 centavos 50 centavos Violet 1942
Japanese-issued 1 Philippine peso banknote, 1942 (obverse).jpg Japanese-issued 1 Philippine peso banknote, 1942 (reverse).jpg 1 peso Green 1942
Japanese-issued 5 Philippine peso banknote, 1942 (obverse).jpg Japanese-issued 5 Philippine peso banknote, 1942 (reverse).jpg 5 pesos Red 1940
10 pesos 10 pesos 10 pesos Blue 1942

1943–45 series[edit]

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
1 peso - obverse 1 peso - reverse 1 peso Violet 1943–1945
5 pesos 5 pesos 5 pesos Violet 1943–1945
10 pesos 10 pesos 10 pesos Green Rizal Monument 1944–1945
100 pesos 5 pesos 100 pesos Brown Rizal Monument 1944–1945
500 pesos Violet 1944–1945
1000 pesos Grey-Blue 1944–1945

See also[edit]


  1. ^ Barbara A. Noe (August 7, 2005). "A Return to Wartime Philippines". Los Angeles Times. 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". Retrieved 2010-04-17. 

External links[edit]