10 Pesos

These notes were produced in Japan for use in the occupied Philippines following the fall of Corregidor in May 1942. The Japanese military administration issued them as a replacement for the Philippine Commonwealth currency, which continued to circulate in parallel — an arrangement that bred immediate distrust and, eventually, widespread counterfeiting of the Japanese issues by Filipino resistance networks.

Filipinos quickly dubbed all Japanese occupation currency "Mickey Mouse money," a term that reflected both its perceived worthlessness and the inflation that eroded its value as the occupation dragged on. By 1944, hyperinflation had made even this 10 Peso note practically worthless in real exchange.