50 Centavos

Mountain Province was one of several Philippine civil administrations that issued emergency guerrilla currency after the Japanese occupation disrupted normal banking in late 1941 and early 1942. These provincial notes were authorized under the Commonwealth government's emergency powers, which allowed local bodies to print their own scrip to keep commerce functioning in areas beyond Japanese control — or at least not yet fully under it.

The S-prefix in the Pick reference places this squarely in the Philippine emergency series. Survival rates vary wildly by province; Mountain Province examples tend to surface less frequently than lowland issues, partly due to the terrain and the difficulty of systematic redemption after liberation.