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1 Peso
| Issuer | Japanese Government (Japanese Occupation of the Philippines) |
|---|---|
| Year | 1942 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Log in to see details |
| Composition | Log in to see details |
| Size | 154 × 67 mm |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | THE JAPANESE GOVERNMENT ONE PESO 大日本帝國政府 1 PH |
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| Variants | P#106a - issued note buff colored paper P#106x - allied counterfeit left: genuine with lines that do not touch each other at upper left on front right: counterfeit with two lines joining |
| 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.