1 Peso

The Philippine National Bank's wartime emergency branches are among the most fragile chapters in Filipino monetary history. When the Japanese invasion forced the PNB to operate through outlying provincial agencies in 1942, Lanao — a Muslim-majority lake district in Mindanao — was issuing its own locally authorized notes almost entirely outside Manila's administrative reach. The agency issues were stopgap instruments, printed under dire conditions with whatever materials were available, and the Lanao series is among the scarcest of the lot.

Survivorship is low. Notes that did circulate were subject to the humidity and physical wear of wartime Mindanao, and many were simply destroyed or lost as the occupation tightened.