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| 正面描述 | The obverse is printed in red ink and centres on the seal of the Commonwealth of the Philippines at left, flanked by the bold denomination legend 'TWO PESOS' and the issuing authority inscription 'MINDANAO EMERGENCY CURRENCY BOARD.' The heading 'TREASURY EMERGENCY CURRENCY CERTIFICATE' appears at the top, with a redemption clause issued by authority of the President of the Commonwealth below, alongside the series designation, letter prefix, and a red serial number at right. The border is composed of a repetitive guilloche pattern with the numeral '2' and 'TWO PESOS' repeated in the margins. |
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| 背面铭文 | Issued by the Mindanao Emergency Currency Board PHILIPPINES TWO PESOS This note is redeemable at face value after the emergency and will not be devaluated or discriminated against Kining sapia kailisan sumala sa iyang bili tapus ang kagubut ug dili kakubsan ni kaayran Counterfeiting of this note will be severely punished Mabug-at nga silot ipahantang sa mga kawat pag sundog ning sapia |
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The Mindanao Emergency Currency Board was one of several provincial and regional bodies that issued guerrilla currency in the Philippines during the Japanese occupation. These notes were produced under extraordinarily difficult conditions — limited paper stocks, improvised printing equipment, and constant threat of discovery — to sustain civilian commerce and pay guerrilla forces operating against Japanese-held territory.
The three-signature arrangement involving Pagana, Sagun, and Barbasa reflects the board's administrative structure, where multiple officials co-signed to establish legitimacy for an authority that lacked a central bank's resources. Mindanao guerrilla issues are among the more varied of the Philippine emergency types, with paper quality and printing consistency shifting noticeably between batches.
Notes that passed through active circulation on Mindanao before liberation in 1945 often show characteristic fold damage along the horizontal center — a product of how they were carried and stored in the field.