200 Pesos

The guerrilla and provincial emergency issues of the Philippine Commonwealth during the Japanese occupation (1942–1945) are among the most varied emergency currencies of the Pacific War. Cagayan Province, in the far north of Luzon, issued its own scrip as Japanese military currency rendered pre-war Philippine notes increasingly unreliable. P#S172 sits at the high end of the Cagayan denomination range, which itself signals how quickly inflation was eroding purchasing power even in 1942.

The internal revenue stamp used as a security device is a practical improvisation — provincial authorities had no access to specialized banknote security printing, so existing fiscal materials were pressed into service to discourage counterfeiting.