20 Centavos

The Mindanao Emergency Currency Board was one of several provincial civilian bodies that issued guerrilla currency during the Japanese occupation of the Philippines — notes produced specifically to keep local economies functioning outside Japanese military scrip. Mindanao's geography, with its mountainous interior and dispersed population, made it one of the more viable regions for sustained resistance, and that resistance needed a working medium of exchange.

Three signatories on a low-denomination note is unusual and reflects the board structure imposed by the civil affairs framework operating under USAFFE authority in the southern islands. The S-prefix Pick designation marks it as an emergency or siege issue, not a government-backed central bank note.