5 Cents

The United States Armed Forces in the Far East scrip was authorized under a deliberate policy of monetary separation — American military personnel in the Philippines were issued this currency specifically to prevent U.S. dollars from leaking into local black markets or being captured en masse by Japanese forces. The 1945 series replaced earlier USAFIFE notes that had been compromised during the occupation.

Siegman & Bruning catalog number 1382 places this firmly in the postwar liberation-period issues, distinct from the wartime guerrilla scrip that circulated under far more chaotic conditions across Luzon and the Visayas.