Japanese government–issued Philippine peso

Last updated

Japanese government–issued Philippine peso
Peso (in English and Spanish), Piso (in Filipino)
PHI-114-Japanese Government (Philippines)-500 Pesos (1944).jpg
Obverse and reverse of the 500-peso note, 1944–1945
ISO 4217
Codenone
Unit
Pluralpesos
Symbol ₱‎
Denominations
Subunit
 1⁄100 Cent
Centavo or Céntimo (Spanish)
Sentimo (Filipino)
Banknotes₱1, ₱5, ₱10, ₱100, ₱500, ₱1000
Issuance
Central bank Japanese government
This infobox shows the latest status before this currency was rendered obsolete.

During World War II in the Philippines, the occupying Japanese government issued a fiat currency in several denominations; this is known as the Japanese government-issued Philippine peso (see also Japanese invasion money). [1] The Japanese government outlawed possession of guerrilla currency, and declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested or even executed. [2]

Contents

Some Filipinos called the fiat peso by the derogatory term "Mickey Mouse money". [3] Many survivors of the war tell stories of going to the market laden with suitcases or "bayóng" (native bags made of woven coconut or buri leaf strips) overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U.S. dollars at that time, could buy one duck egg. [4] In 1944, a box of matches cost more than 100 Mickey Mouse pesos. [5]

These bills were often used by American psychological warfare personnel as propaganda leaflets. Japanese occupation banknotes were overprinted with the words "The Co-prosperity Sphere: What is it worth?", in an attempt to discredit the Greater East Asia Co-Prosperity Sphere, and dropped from Allied aircraft over the occupied territories. [6] Towards the end of the war, the currency underwent hyperinflation, causing a rapid increase of the denomination value of notes put into circulation. [3]

One-peso banknote with the "Co-prosperity Sphere" overprint, which was then dropped in areas occupied by the Imperial Japanese Forces as a form of psychological warfare. Japanese government-issued Philippine fiat peso with overprinting.jpg
One-peso banknote with the "Co-prosperity Sphere" overprint, which was then dropped in areas occupied by the Imperial Japanese Forces as a form of psychological warfare.

Counterfeit notes

The U.S. counterfeited notes throughout the war partly in an attempt to destabilize the local economy, thereby demoralizing the Japanese, and to supply guerillas fighting the Japanese. General MacArthur asked the Office of Strategic Services (OSS) to replicate the Japanese currency in the Philippines for his eventual return. By luck, a supply of paper made from plants native to Japan was located in the U.S. [7] When that supply was exhausted the counterfeiting operation was transferred to Australia. In 1943 MacArthur requested and received the following counterfeited notes: five million 10-peso notes, three million 5-peso notes, one and a half million 1-peso notes and five hundred thousand 50-centavo notes. [8] The American forgeries are known to have the following block letter codes:

Denominations

1942 series

1942 issue of the Japanese government-issued Philippine peso
ImageValueIssue dateSeries
PHI-102b-Japanese Government (Philippines)-1 Centavo (1942).jpg 1 centavo1942First
PHI-103b-Japanese Government (Philippines)-5 Centavos (1942).jpg 5 centavos1942First
PHI-104b-Japanese Government (Philippines)-10 Centavos (1942).jpg 10 centavos1942First
PHI-105b-Japanese Government (Philippines)-50 Centavos (1942).jpg 50 centavos1942First
PHI-106-Japanese Government (Philippines)-1 Peso (1942).jpg 1 peso1942First
PHI-107A-Japanese Government (Philippines)-5 Pesos (1942).jpg 5 pesos1942First
PHI-108-Japanese Government (Philippines)-10 Pesos (1942).jpg 10 pesos1942First

1943–1945 series

A new series of notes in denominations of 1, 5 and 10 pesos were issued in 1943. Inflation also forced the Japanese to issue notes for 100, 500 and 1000 pesos in 1944.

1943–1945 issue of the Japanese government-issued Philippine peso
ImageValueIssue dateSeries
PHI-109-Japanese Government (Philippines)-1 Peso (1943).jpg 1 peso1943Second
PHI-110-Japanese Government (Philippines)-5 Pesos (1943).jpg 5 pesos1943Second
PHI-111-Japanese Government (Philippines)-10 Pesos (1943).jpg 10 pesos1943Second
PHI-112-Japanese Government (Philippines)-100 Pesos (1944).jpg 100 pesos1944Second
PHI-114-Japanese Government (Philippines)-500 Pesos (1944).jpg 500 pesos1944Second
PHI-115-Japanese Government (Philippines)-1000 Pesos (1945).jpg 1,000 pesos1945Second

See also

Related Research Articles

<span class="mw-page-title-main">Philippine peso</span> Currency of the Philippines

The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.

<span class="mw-page-title-main">Banknotes of the Philippine peso</span>

Banknotes of the Philippine peso are issued by the Bangko Sentral ng Pilipinas for circulation in the Philippines. The smallest amount of legal tender in wide circulation is ₱20 and the largest is ₱1000. The front side of each banknote features prominent people along with buildings, and events in the country's history while the reverse side depicts landmarks and animals.

<span class="mw-page-title-main">Coins of the Philippine peso</span>

Philippine peso coins are issued by the Bangko Sentral ng Pilipinas for circulation in the Philippines and are currently available in seven denominations. The Philippine peso has been in use since Spanish rule.

<span class="mw-page-title-main">Emergency circulating notes</span> Currency printed by the Philippine government in exile in World War II

Emergency circulating notes were currency printed by the Philippine Commonwealth Government in exile during World War II. These "guerrilla pesos" were printed by local government units and banks using crude inks and materials. Due to the inferior quality of these bills, they were easily mutilated.

<span class="mw-page-title-main">Japanese invasion money</span> Currency issued by the Japanese Military Authority

Japanese invasion money, officially known as Southern Development Bank Notes, was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II.

The New Design Series (NDS) (also known as the BSP Series after the establishment of the Bangko Sentral ng Pilipinas) was the name used to refer to the banknotes of the Philippine peso conceptualized from 1983 to 1985 and issued from 1985 to 2013, and coins issued from 1995 to 2017. The coins were minted and issued from c. December 1995 to November 30, 2017, and remain legal tender as of 2023. It was succeeded by the New Generation Currency (NGC) Series that was conceptualized from 2007 to 2010, and issued on December 16, 2010 for banknotes and November 30, 2017 for coins.

<span class="mw-page-title-main">Philippine twenty-peso note</span> Banknote of the Philippines

The Philippine twenty-peso note (₱20) is a denomination of Philippine currency. It is the smallest banknote denomination in general circulation in the Philippines. Philippine president Manuel L. Quezon is currently featured on the front side of the note, while the Banaue Rice Terraces and the Asian palm civet is featured on the reverse side.

<span class="mw-page-title-main">Philippine fifty-peso note</span> Currency in the Philippines

The Philippine fifty-peso note (₱50) is a denomination of Philippine currency. Philippine president and former House Speaker Sergio Osmeña is currently featured on the front side of the bill, while the Taal Lake and the giant trevally are featured on the reverse side.

<span class="mw-page-title-main">Philippine one hundred-peso note</span> Denomination of Philippine currency

The Philippine one hundred-peso note (₱100) is a denomination of Philippine currency. Philippine president Manuel A. Roxas is currently featured on the front side of the bill, while the Mayon Volcano and the whale shark are featured on the reverse side.

<span class="mw-page-title-main">Philippine two hundred-peso note</span> Denomination of Philippine currency

The Philippine two hundred-peso note is a denomination of Philippine currency. President Diosdado Macapagal is currently featured on the front side of the note, and since 2017, President Gloria Macapagal Arroyo's inauguration as the 14th President of the Philippines is on the lower-left side on the note just in front of the scene of the Declaration of Philippine Independence, and the scene of the opening of the Malolos Congress is also present on the obverse side of the note. From 2010 to 2017, the Aguinaldo Shrine and the Barasoain Church were featured on the front side of the note. The Chocolate Hills and the Philippine tarsier is featured on the reverse side. Currently, it is the rarest banknote circulating in the country, and thus is seen more as a novelty than legal tender.

<span class="mw-page-title-main">Philippine five hundred-peso note</span> Philippine currency denomination

The Philippine five hundred-peso note (₱500) is a denomination of Philippine currency. Senator Benigno Aquino Jr. and his wife, President Corazon Aquino are currently featured on the front side of the note, while the Puerto Princesa Subterranean River National Park and the blue-naped parrot are featured on the reverse side.

<span class="mw-page-title-main">Philippine one thousand-peso note</span> Currency denomination

The Philippine one thousand-peso note is a denomination of Philippine currency. It is the largest denomination in general circulation in the Philippines. It is currently the only Philippine peso denomination that has a polymer banknote version.

<span class="mw-page-title-main">Philippine five-peso coin</span> Philippine coin

The Philippine five-peso coin (₱5) is the third-largest denomination of the coins of the Philippine peso.

<span class="mw-page-title-main">Philippine ten-peso note</span> Former denomination of Philippine currency

The Philippine ten-peso note (₱10) was a denomination of Philippine currency. In its latest incarnation, Apolinario Mabini and Andrés Bonifacio are featured on the front side of the notes, while the Barasoain Church and a Blood Compact scene of the Katipuneros are featured on the reverse side. This banknote was circulated until the demonetization of the New Design Series on January 3, 2018. Its printing was stopped in 2001 and was replaced by coins.

<span class="mw-page-title-main">Philippine five-peso note</span> Banknote

The Philippine five-peso note (₱5) was a denomination of Philippine currency. Philippine president Emilio Aguinaldo is featured on the front side of the note, while the Declaration of the Philippine Independence is featured on the reverse side. This banknote was circulated until the demonetization of the New Design Series on January 3, 2018. Its printing was stopped in 1995 and was replaced by coins.

<span class="mw-page-title-main">Philippine two-peso note</span> Banknote

The Philippine two-peso note (₱2) was a denomination of Philippine currency. On its final release, José Rizal was featured on the front side of the bill, while the Declaration of the Philippine Independence was featured on the reverse side.

The Ang Bagong Lipunan Series is the name used to refer to Philippine banknotes and coins issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso.

The history of Philippine money covers currency in use before the Hispanic era with gold Piloncitos and other commodities in circulation, as well as the adoption of the peso during the Hispanic era and afterwards.

The New Generation Currency (NGC) Series is the name used to refer to the Philippine peso currency series conceptualized from 2007 to 2010, and banknotes issued since 2010 and coins issued since 2017. The series uses the Myriad and Twentieth Century typefaces.

<span class="mw-page-title-main">Philippine fifty-centavo coin</span>

The Philippine fifty-centavo coin (50¢) was a denomination of Philippine currency. It was minted for the Philippines from 1864 to 1994 and was demonetized in 1998.

References

  1. ↑ Potet, Jean-Paul G. (June 25, 2016). Numbers and Units in Old Tagalog. Lulu.com. p. 102. ISBN   978-1-326-61380-8.
  2. ↑ United States. Army Service Forces (1944). Civil Affairs Handbook: Philippine Islands. Headquarters, Army Service Forces. pp. 31–33.
  3. 1 2 "Japanese Peso Note | McClung Museum of Natural History & Culture". McClung Museum of Natural History & Culture | University of Tennessee, Knoxville. October 20, 2017. Retrieved January 25, 2023.
  4. ↑ Barbara A. Noe (August 7, 2005). "A Return to Wartime Philippines". Los Angeles Times . Archived from the original on February 17, 2009. Retrieved November 16, 2006.
  5. ↑ Agoncillo, Teodoro A. & Guerrero, Milagros C., History of the Filipino People, 1986, R.P. Garcia Publishing Company, Quezon City, Philippines
  6. ↑ Friedman, Herbert A. "WWII Allied Propaganda Banknotes" . Retrieved April 17, 2010.
  7. ↑ Arlie Slabaugh, Japanese Invasion Money by Hewitt’s Numismatic Information Series (Chicago Press, 1967)
  8. ↑ WW II Allied Propaganda Banknotes
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.