50 Centavos

Municipal emergency notes from the Japanese occupation period in the Philippines are among the most locally varied issues in 20th-century Asian notaphily. Loon, a municipality on the western coast of Bohol, was one of dozens of local governments that printed fractional guerrilla or emergency currency in 1943 as Japanese military scrip disrupted ordinary commerce and Philippine Commonwealth currency became scarce or distrusted.

Municipal issues from Bohol vary enormously in printing quality and surviving quantities, often running to only a few hundred pieces before the issuing authority collapsed or was overrun. Provenance documentation for Loon issues is thin.