10 Centavos

Municipal emergency notes from the Philippine occupation period are among the most localized currency ever issued — Loon is a small coastal municipality on Bohol island, and its 1944 scrip was produced in direct response to the near-total collapse of functional currency under Japanese military administration. Dozens of Visayan municipalities issued their own emergency centavo denominations that year, each independently authorized and locally printed, with wildly varying quality and survival rates.

Bohol's municipal issues are notoriously fragile — thin, often poorly inked, and prone to damp damage given the island's climate. Loon-specific pieces turn up infrequently in Philippine specialist sales.