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| 正面描述 | The centre of the note is dominated by the bold letterpress inscription CAGAYAN above the principal text certifying deposit at the Philippines National Bank, with ONE PESO rendered in large display type. The denomination numeral 1 appears in each lateral margin within guilloche panels, and the serial number is printed at upper left and upper right. Three manuscript signatures appear below the central text block, attributed to the treasurer and the auditor. |
|---|---|
| 正面铭文 | 1 EMERGENCY CERTIFICATE 1 CAGAYAN PESO PESO 1 ONE PESO 1 THIS CERTIFIES THAT THERE HAS BEEN DEPOSITED IN THE PHILIPPINES NATIONAL BANK THE EQUIVALENT OF ONE PESO PAYABLE TO THE BEARER ON DEMAND AFTER THE WAR ONE PESO |
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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.