50 Centavos

One of dozens of emergency currency issues that proliferated across the Philippine provinces after the Japanese occupation severed the archipelago from its normal monetary supply chains. Cagayan, on the northern tip of Luzon, was among the provinces that organized local civilian administrations under American-aligned governance while Japanese forces controlled the major centers — these notes were the practical result of that arrangement.

Three manuscript facsimile signatures appear, each countersigned "for" a principal officer, suggesting the actual Governor, Auditor, and Treasurer had limited direct involvement in daily issuance. That delegation of signing authority was not unusual under wartime conditions, but it complicates authentication when individual ink signatures were added by hand.