20 Pesos

The Mindanao Emergency Currency Board was one of several provincial authorities that issued guerrilla currency during the Japanese occupation of the Philippines. These notes circulated in areas where the resistance maintained enough territorial control to sustain a parallel economy — Mindanao being one of the more persistent holdouts. The Japanese military administration declared such currency illegal, and possession could carry severe consequences for civilians caught with it.

Pick 474 is among the more frequently encountered Mindanao emergency issues, which suggests reasonably wide distribution before the liberation period made them redundant.