1 Peso

Cagayan's wartime emergency issues were produced under the Philippine Commonwealth's guerrilla civil administration framework during the Japanese occupation — local provincial governments, operating with whatever resources remained, printed their own scrip to keep commerce functional behind enemy lines. The Province of Cagayan was one of several northern Luzon provinces that managed to sustain a functioning, if precarious, civilian economy through 1942.

Survival rates for these provincial guerrilla notes are erratic. Many were destroyed on purpose when Japanese patrols approached, making intact examples disproportionately rare relative to their original print runs.