20 Centavos

Ubay is a coastal municipality on Bohol's northern shore, and like dozens of Philippine local governments during the Japanese occupation, it issued its own emergency currency when the Philippine peso supply collapsed and Japanese Military Administration notes were mistrusted or simply unavailable in sufficient quantities. These municipal guerrilla-era notes were produced with whatever materials were at hand — often rough local paper, hand-stamped denominations, and signatures from the sitting municipal treasurer or mayor.

Survival rates are poor. Most were redeemed, destroyed, or simply fell apart.