100 Pesos

USAFFE — United States Army Forces in the Far East — guerrilla currency from Luzon was produced under genuinely chaotic conditions following the fall of Bataan in April 1942. Local commanders were authorized, sometimes loosely, to issue emergency notes to pay Filipino civilians and soldiers still resisting Japanese occupation. The S400-series notes from Luzon are among the more numerous guerrilla issues, but high denominations saw less hand-to-hand use and were more likely retained as pay records or exchanged in bulk.

Japanese forces actively suppressed guerrilla currency, and possession could result in execution.