10 Pesos

The wartime guerrilla and provincial emergency notes issued across the Philippines in 1942 were a direct consequence of the Japanese occupation disrupting the central banking system. Cagayan, in the far north of Luzon, was among the provincial governments that printed its own emergency currency to keep local commerce functioning — these notes circulated alongside whatever Philippine Commonwealth and Japanese Military Administration currency was available, in conditions of considerable uncertainty about which paper would ultimately be honored.

The Internal Revenue stamp used as a security feature was a practical improvisation rather than a designed element — pulling from existing government materials rather than purpose-made printing equipment.