100 Pesos

Issued as part of Japan's military currency program for the occupied Philippines, this note circulated under a regime that had already begun printing far beyond any backing by 1944. The volume of military pesos issued throughout the occupation inflated prices catastrophically — Filipinos referred to the whole series as "Mickey Mouse money," a term that predated this denomination but applied with particular force as hyperinflation accelerated in the final occupation year.

The watermark was standard for the series but did little to prevent counterfeiting at a moment when the currency's credibility had already collapsed entirely on its own.