5 Centavos

One of dozens of emergency guerrilla currency issues produced across the Philippine provinces following the Japanese invasion and the collapse of Commonwealth monetary supply lines. Cagayan, in the far north of Luzon, was among the provinces that organized civilian and military resistance early, and local currency issuance was as much a governance statement as a practical necessity — it signaled administrative continuity under occupation.

These fractional centavo notes were produced under severe material constraints. Paper quality and printing consistency vary considerably across surviving examples, which is a known characteristic of the series rather than individual damage.