50 Centavos

The Iloilo Currency Committee was one of several provincial emergency currency authorities that scrambled to issue their own notes after the Japanese invasion of the Philippines in December 1941. With Manila banks cut off and the official Philippine Commonwealth currency rapidly disappearing from circulation through hoarding, local governments across the Visayas and Mindanao printed their own scrip to keep commerce moving — Iloilo being among the earliest and most organized of these efforts.

Iloilo City fell to Japanese forces in April 1942, at which point this scrip was officially worthless. The short window of legitimate use means genuinely circulated examples are scarce; unissued remainders account for most survivors.