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1 Peso

Issuer Philippine National Bank, Cebu Currency Committee
Year 1941
Type Local banknote
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Obverse lettering ONE PESO PHILIPPINE NATIONAL BANK EMERGENCY CIRCULATING NOTE OF 1941 ISSUED BY THE CEBU CURRENCY COMMITTEE BY AUTHORITY OF THE PRESIDENT OF THE PHILIPPINES OF DECEMBER 29, 1941 THE PHILIPPINE NATIONAL BANK WILL PAY THE BEARER ON DEMAND ONE PESO ONE PESO HAS BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINES FOR THE REDEMPTION OF THIS CERTIFICATE ONE PESO ONE PESO FISCAL, PROVINCE OF CEBU, MEMBER AUDITOR, PROVINCE OF CEBU, MEMBER ACTING MANAGER, PNB CEBU, CHAIRMAN
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Reverse lettering PHILIPPINE NATIONAL BANK CEBU CITY, PHILIPPINES, DECEMBER 29, 1941 ONE PESO EMERGENCY CIRCULATING NOTE OF 1941
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Comments

The Cebu Currency Committee notes were emergency issues produced under Japanese occupation pressure, authorized by local Philippine government bodies attempting to maintain a functioning economy after the fall of Manila. The Philippine National Bank's Cebu branch had limited printing resources, and these wartime provincially-issued pesos circulated alongside Japanese military scrip — the two competing side by side in a market that trusted neither.

The April 1945 printing date places this note in the final weeks before Cebu City's liberation by American forces, meaning many examples from this print run saw almost no genuine commercial use before the emergency authorization lapsed.

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