10 Pesos

The Negros Emergency Currency Board operated on Negros Island during the Japanese occupation of the Philippines, issuing guerrilla currency to sustain a local economy that had been deliberately severed from Japanese military scrip. These notes carried real risk — possession of guerrilla money was treated as a hostile act by Japanese forces, and civilian holders who were caught faced severe consequences.

The board's series was produced under improvised conditions, and paper stock varied considerably across printings. P#S676 examples frequently show uneven inking, a direct consequence of limited press access rather than negligence.