50 Centavos

The Mindanao Emergency Currency Board was one of several provincial bodies authorized to issue guerrilla currency during the Japanese occupation of the Philippines. These notes circulated in direct defiance of Japanese military scrip, which the occupation authorities declared the only legal tender — possession of guerrilla currency carried serious risk for Filipino civilians.

Three signatures appear on this note, an unusually deliberate show of institutional accountability for a wartime emergency issue. Saguin's chairmanship and the named membership suggest the Board was functioning with at least nominal administrative structure, not merely improvising under fire.

Mindanao's relative geographic isolation helped sustain guerrilla operations — and their parallel currency — longer than most occupied Philippine islands.