On January 2, 1942, the invading Japanese occupied the Treasury Building in Manila and captured almost $20.5-million worth of paper Peso currency, U.S., and an unknown amount of foreign currency. At the same time millions of dollars in coin and gold and silver bullion fell into enemy hands.Despite that, considerably more currency existed in municipalities and provinces outside Manila, and it was gathered up and destroyed before the Japanese could get to it.
The Japanese-sponsored government under Jose P. laurel outlawed the issuance of existing currencies and declared a monopoly on the issuance of the money and introduces a new denominations known as Japanese Invasion Money. Because of the fiat nature of the currency, the country fell the effects of hyperinflation, so much more to the American troops and guerilla fighters.
The demand for monetary currencies were high given the emergency situations the country faced. There is a felt need for guerilla fighters and American allies to have monetary denominations to sustain the resistance. When President Quezon fled from Manila to General Douglas MacArthur's headquarters on Corregidor, he created the first local Currency Committees, authorized create and print emergency occupation currency. Additional committees were eventually authorized and formed throughout the occupied country, and, as a result, came in a wide variety of designs. The notes they issued were done with the expectation and promise that they would be redeemed by a specific date after Japan was defeated and the Allies won the war. These special paper notes, most often crudely made, were used by American troops who remained in the hills as guerilla and resistance fighters against the Japanese, and by local citizens as well. To be caught by the Japanese with this money was often punishable by public execution.
Although far from complete, I will posts some of the great mementoes of Philippine Emergency Notes, also known as Guerilla Currencies, in my possession. Hopefully this will spark enough interest in some collectors especially the Filipinos, and non-collectors as well, to further explore the daily heroism that is exemplified within these notes , and the stories they hold.
From one of my collections: Emergency Notes from Misamis Occidental
Issued by the Misamis Occidental Currency Committee
