1 Peso

The Leyte Emergency Currency Board was one of several provincial currency authorities established in the Philippine Commonwealth after the Japanese invasion severed normal banking operations in late 1941 and early 1942. These boards operated under extraordinary wartime conditions, producing notes locally with whatever printing resources remained available — often commercial job presses never intended for currency work.

Leyte's issues are among the better-documented Philippine guerrilla currency series, in part because American forces returned to Leyte in October 1944, meaning some administrative records survived. The S394 peso circulated in a relatively confined geographic area under constant pressure from Japanese occupation authorities, who periodically attempted to suppress guerrilla currency use entirely.