1 Peso

Capiz, a province on the northwest coast of Panay, was one of several Philippine provincial governments that issued emergency guerrilla currency during the Japanese occupation. These notes were produced under extraordinary conditions — paper supplies were unreliable, printing equipment was improvised, and the entire operation had to remain hidden from Japanese forces actively suppressing Filipino resistance infrastructure.

Provincial emergency issues from this period vary enormously in quality and survival rates depending on how long the issuing authority remained operational. Capiz guerrilla notes are among the less commonly encountered Panay provincial types.