20 Pesos

The Mindanao Emergency Currency Board was one of several provincial bodies that issued guerrilla currency during the Japanese occupation of the Philippines. These notes were explicitly backed by the authority of the Commonwealth government-in-exile and the confidence that American forces would return — a gamble that, in Mindanao's case, proved correct. Japanese authorities considered possession of such notes a punishable offense, which shaped how they were carried and concealed.

The S489 series is among the better-documented Mindanao issues, with Saguin's chairmanship providing administrative continuity across the 1943–44 production run. Surviving examples frequently show folds consistent with being folded small for concealment rather than ordinary pocket wear.