20 Pesos

The Mindanao Emergency Currency Board was one of several provincial guerrilla currency authorities established in the Philippines during the Japanese occupation to fund resistance operations and provide a functioning medium of exchange outside the Japanese-issued Mickey Mouse money, which most Filipinos refused to trust. Mindanao's geography — large, mountainous, and difficult to fully occupy — made it one of the more viable territories for this kind of parallel monetary structure.

These emergency issues were printed under extremely constrained conditions, often on whatever paper stock was available, which means quality and color consistency vary considerably across surviving examples. Japanese counter-insurgency operations periodically targeted the printing infrastructure directly.