50 Centavos

The Province of Capiz was among several Philippine provincial governments that issued emergency guerrilla currency during the Japanese occupation, when American and Commonwealth peso notes were being suppressed and Japanese Military Pesos imposed. These provincial issues were authorized locally and produced under genuinely difficult conditions — limited paper stocks, improvised printing, and constant risk of confiscation.

Pick S201 sits within a broader family of Capiz emergency issues that collectors treat with some suspicion, as postwar reproductions and outright forgeries entered the market decades ago. Provenance and paper aging matter considerably for this specific series.