Catalog
1 Peso
| Issuer | Japanese Government (Japanese Occupation of the Philippines) |
|---|---|
| Year | 1942 |
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| Size | 154 × 67 mm |
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| Obverse description | A vignette at left centre portrays a tropical plantation scene with palm trees rendered in fine intaglio. The large numeral '1' appears within a guilloche panel at the right, flanked by corner medallions each bearing the denomination. The issuer inscription 'THE JAPANESE GOVERNMENT' runs across the top, with 'ONE PESO' in bold letterpress at centre, and Japanese characters printed along the lower margin. Block letters 'PH' appear as a district identifier in red. |
|---|---|
| Obverse lettering | THE JAPANESE GOVERNMENT ONE PESO 大日本帝國政府 1 PH |
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| Comments |
The Japanese military administration in the Philippines began issuing occupation currency almost immediately after Manila fell in January 1942, with this 1 Peso note among the earliest releases. The notes were backed by nothing and the population knew it — Filipinos quickly dubbed the entire series "Mickey Mouse money," a term that spread fast and stuck. Merchants would accept it under duress but priced goods to account for its worthlessness, and black market exchange rates against pre-war Commonwealth pesos were punishing from the start.
Hyperinflation gutted purchasing power long before liberation. By 1944, a single egg cost several pesos in occupation currency.