5 Pesos

Ilocos Norte was one of several Philippine provinces that issued emergency guerrilla currency during the Japanese occupation, when the Japanese Military Administration's own peso notes were flooding the economy and Filipino provincial governments scrambled to maintain some functional medium of exchange for local transactions. These provincial issues were authorized under emergency conditions, produced with limited printing resources, and carried genuine legal weight within their issuing regions.

S294 is among the less-documented entries in the Philippine guerrilla series — provenance can be difficult to establish, and genuine examples are sometimes difficult to distinguish from the postwar facsimiles and reproductions that entered the market in subsequent decades.