Name/Title
CE 1942 5 pesos, WWII Japanese Occupation of PhilippinesDescription
Japanese Occupation of the Philippines: Peso and Centavo Notes
Japanese Imperial Government, Philippines, 1942–1945
Paper banknote; various denominations
During the Japanese occupation of the Philippines, Japanese authorities issued peso and centavo notes to replace existing Philippine currency and assert control over the occupied economy. The notes retained the familiar monetary units of the prewar Philippine system but replaced U.S.-Philippine monetary authority with the phrase “The Japanese Government.” Their English text, engraved-style borders, large numerals, serial design, and formal layout drew on the visual language of earlier Philippine currency produced under American colonial rule. This made the notes recognizable as money while marking the transfer of power to the occupying state. Rapid inflation and wartime scarcity caused the currency to lose public trust; Filipinos often called it “Mickey Mouse Money.” These notes survive as material evidence of military occupation, economic coercion, and everyday life under Japanese rule.Create Date
April 23, 2026Update Date
June 19, 2026
