Japanese government–issued Philippine peso explained

Currency Name In Local:Peso
Piso
Image 1:PHI-114-Japanese Government (Philippines)-500 Pesos (1944).jpg
Image Title 1:Obverse and reverse of the 500-peso note, 1944–1945
Image Width 1:250px
Iso Code:none
Subunit Name 1:Cent
Centavo or Céntimo (Spanish)
Sentimo (Filipino)
Symbol:
Plural:pesos
Date Of Introduction:1942
Used Banknotes:₱1, ₱5, ₱10, ₱100, ₱500, ₱1000
Issuing Authority:Bank of Japan
Date Of Withdrawal:1945
Obsolete:yes

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]

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]

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
1 centavo1942First
5 centavos1942First
10 centavos1942First
50 centavos1942First
1 peso1942First
5 pesos1942First
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
1 peso1943Second
5 pesos1943Second
10 pesos1943Second
100 pesos1944Second
500 pesos1944Second
1,000 pesos1945Second

See also

External links

Notes and References

  1. Book: Potet, Jean-Paul G. . Numbers and Units in Old Tagalog. June 25, 2016 . Lulu.com. 978-1-326-61380-8. 102.
  2. Book: United States. Army Service Forces. Civil Affairs Handbook: Philippine Islands. 1944. Headquarters, Army Service Forces. 31–33.
  3. Web site: Japanese Peso Note McClung Museum of Natural History & Culture . McClung Museum of Natural History & Culture University of Tennessee, Knoxville . October 20, 2017. January 25, 2023 .
  4. News: . A Return to Wartime Philippines . Barbara A. Noe . August 7, 2005 . November 16, 2006 . dead . https://web.archive.org/web/20090217145642/http://www.latimes.com/news/local/valley/la-tr-philippines7aug07%2C0%2C648886%2Cfull.story?coll=la-editions-valley . February 17, 2009 .
  5. [Teodoro Agoncillo|Agoncillo, Teodoro A.]
  6. Web site: Friedman . Herbert A. . WWII Allied Propaganda Banknotes . April 17, 2010.
  7. Arlie Slabaugh, Japanese Invasion Money by Hewitt’s Numismatic Information Series (Chicago Press, 1967)
  8. http://www.psywarrior.com/WWIIAlliedBanknotes.html WW II Allied Propaganda Banknotes