20 Pesos

The Negros Emergency Currency Board was one of several provincial bodies authorized to issue guerrilla currency during the Japanese occupation of the Philippines. Negros Occidental remained a significant center of organized resistance, and locally issued notes like this one were used to sustain both civilian commerce and guerrilla operations — a deliberate act of economic defiance against Japanese military scrip, which occupying forces attempted to impose as the sole legal tender.

The S-prefix in the Pick reference denotes a specialized or emergency issue, not standard government paper. Survival rates for Negros guerrilla notes vary considerably by denomination; higher values saw less day-to-day handling and were sometimes simply stockpiled, which counterintuitively makes condition a poor guide to scarcity.