50 Centavos

The Mindanao Emergency Currency Board was one of several provincial currency authorities established in the Philippines after the Japanese occupation disrupted normal banking in 1942. These guerrilla-backed notes were produced under extremely difficult conditions — limited paper stocks, improvised printing, and constant threat of discovery — which makes consistent quality across the series essentially impossible to find. Mindanao issues in particular circulated in a theater where Japanese counter-guerrilla operations were intensive.

Florentino Saguin's signature as the authorizing officer ties this note to the civil administration that continued to function, however precariously, under American-aligned Filipino leadership during the occupation.