20 Centavos

Municipal emergency currency issued during the Japanese occupation of the Philippines is among the most locally varied paper money ever produced. Loon, a municipality on the island of Bohol, was one of dozens of local governments that printed their own guerrilla or emergency notes when Japanese Military Administration currency and pre-war Philippine Commonwealth pesos became scarce or refused by the population.

Bohol's municipal issues from 1943 are notoriously difficult to authenticate — crude printing, irregular paper stocks, and the absence of central oversight meant production varied even within a single series. Many were repudiated or simply stopped circulating once the liberation period began.