5 Pesos

Philippine provincial emergency notes are frequently misattributed or poorly documented, but the Cagayan series is reasonably well-established as wartime guerrilla currency issued during the Japanese occupation of the Philippines, 1942–1945. Provincial and local governments across Luzon improvised their own notes after the Japanese-sponsored fiat peso displaced Commonwealth currency — Cagayan's Treasury issues were among the more formally organized of these local efforts.

Surviving examples are often found with staining or fold damage consistent with active field use, which is exactly what these notes saw.