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| 正面描述 | Emergency wartime issue with a rectangular border of guilloche work and large 'V' (Victory) motifs at each corner. The centre carries the overprint 'CAGAYAN' in bold letters above a text block authorising the note, with 'FIVE PESOS' in green intaglio script across the middle. Serial number '50036' appears at upper left and upper right, and two manuscript signatures are visible in the lower portion flanking a small vignette, with the denomination 'FIVE PESOS' printed along the lower margin. |
|---|---|
| 正面铭文 | EMERGENCY CERTIFICATE CAGAYAN FIVE PESOS 50036 |
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Philippine provincial emergency notes are frequently misattributed or poorly documented, but the Cagayan series is reasonably well-established as wartime guerrilla currency issued during the Japanese occupation of the Philippines, 1942–1945. Provincial and local governments across Luzon improvised their own notes after the Japanese-sponsored fiat peso displaced Commonwealth currency — Cagayan's Treasury issues were among the more formally organized of these local efforts.
Surviving examples are often found with staining or fold damage consistent with active field use, which is exactly what these notes saw.