20 Pesos

Cagayan was one of the northernmost provinces of Luzon, and its guerrilla currency issues of 1942 came directly out of the chaos following the Japanese invasion and the fall of Bataan in April of that year. Provincial and local governments across the Philippines were authorized — or simply compelled by necessity — to print their own emergency notes to keep local economies functioning after Japanese occupation forces disrupted the established monetary system. Cagayan's issues are among the rarer provincial series; the province's relative geographic isolation meant smaller print runs and limited surviving quantities.