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5 Pesos

Issuer The Japanese Government
Year 1943
Type Standard circulation banknote
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Obverse lettering 5 THE JAPANESE GOVERNMENT FIVE PESOS 大内 臣臧  府政國帝本日内
(Translation: Minister of Internal Affairs Imperial Government of Japan)
Reverse description Printed entirely in brown, the reverse centres on a bold 'PESOS' inscription set within a plain rectangular field enclosed by an elaborate scrollwork and floral guilloche border. Numeral '5' appears in the upper-left and lower-right corners within the decorative frame, with a faint '5' underprint visible at the centre of the field.
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Comments

Japanese occupation currency for the Philippines, issued under Military Administration from 1942 onward. The 5 Pesos note (Pick 110) belongs to the second series of Philippine occupation issues, distinguished from the first series by its watermark — an unusual security feature for occupation money, which was typically printed with minimal effort and intended as a temporary instrument of economic control.

Filipino guerrilla networks actively counterfeited occupation pesos to destabilize Japanese supply chains. The watermark was almost certainly a direct response to that problem.

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