50 Centavos

Philippine municipal emergency currency from the Japanese occupation period. When the Japanese military administration flooded the Philippines with "Mickey Mouse money" — the derisive local nickname for occupation peso notes — many municipalities in the Visayas issued their own guerrilla or emergency scrip to maintain local commerce independent of the occupier's currency.

Ubay, a coastal municipality on Bohol's northeastern shore, was among the smaller issuers. These municipal notes were produced with whatever materials were at hand, which accounts for the wide variation in paper quality and printing method seen across surviving examples from this series.