1 Peso

The Iloilo Currency Committee was one of several provincial emergency bodies that issued guerrilla currency during the Japanese occupation of the Philippines. These notes circulated in Iloilo province on Panay Island as part of a broader effort to sustain a local economy outside Japanese military scrip — their legitimacy backed by the authority of the Philippine Commonwealth government-in-exile rather than any central bank.

Printed locally under occupation conditions, production quality varied considerably across the series. P#S339 belongs to a class of issues that numismatists frequently encounter with foxing and humidity damage, a direct consequence of wartime tropical storage rather than post-war mishandling.