50 Centavos

The Japanese government issued occupation currency for the Philippines almost immediately after the fall of Manila in January 1942, and this 50 Centavos belongs to that first wave. The series was produced in Japan before the invasion was even complete — a logistical detail that tells you something about how thoroughly the occupation had been planned in advance.

Filipinos quickly nicknamed the whole series "Mickey Mouse money," a judgment that proved accurate. Overprinting to fund military operations drove severe inflation, and by 1944 the purchasing power had collapsed to the point where notes of this denomination were effectively worthless in daily trade.