50 Centavos

Capiz, a province on the northwest coast of Panay, was one of several Philippine provincial governments that issued emergency guerrilla currency during the Japanese occupation. These notes were produced under extraordinary conditions — limited materials, improvised printing, and constant threat of capture — as a deliberate act of resistance against Japanese military scrip, which the occupying forces required civilians to use.

The P#201A designation places this within a broader family of Panay emergency issues that specialists treat with particular skepticism, given the number of later facsimiles and fantasy reproductions that entered the market in the postwar decades. Provenance documentation matters here more than for almost any other Philippine wartime series.