1 Peso Emergency Script of the Philippines

Apayao's wartime scrip was authorized under the Philippine Commonwealth's emergency currency program, which allowed provincial and municipal governments to issue their own notes after Japanese forces disrupted the established banking system following the December 1941 invasion. Apayao was among the more remote issuers — a sub-province of Cagayan in the mountainous Cordillera region — and its notes circulated within a guerrilla-controlled economy largely cut off from Japanese-occupied lowland supply lines.

Survival rates for Apayao scrip are low even by Philippine emergency issue standards, partly due to the region's humidity and the thin, often locally sourced paper used. Pick S124 is one of the scarcer sub-provincial entries in the Philippine emergency series.