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50 Centavos
| Issuer | Treasury, Province of Iloilo |
|---|---|
| Year | 1944 |
| Type | Log in to see details |
| Value | 50 Centavos |
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| Obverse description | Plain light paper with a repeating guilloche border of the word 'CENTAVOS' running along all four margins. The denomination '50' appears in solid boxes at the left and right. The central text panel reads 'TREASURY CERTIFICATE OF 1944 / THE PROVINCE OF ILOILO / WILL PAY THE BEARER ON DEMAND / ** FIFTY CENTAVOS ** / IN LAWFUL CURRENCY OF THE PHILIPPINES', printed in letterpress. Below, two manuscript countersignatures appear above the printed titles 'Actg. Prov. Auditor' and 'Actg. Prov. Treasurer', with a serial number 'No. 145604' running vertically along both side margins. |
|---|---|
| Obverse lettering | CENTAVOS 50 TREASURY CERTIFICATE OF 1944 THE PROVINCE OF ILOILO WILL PAY THE BEARER ON DEMAND ** FIFTY CENTAVOS ** IN LAWFUL CURRENCY OF THE PHILIPPINES Countersigned: Actg. Prov. Auditor Actg. Prov. Treasurer No. 145604 |
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| Comments |
The Province of Iloilo issued this note during the Japanese occupation of the Philippines, when provincial and municipal governments were authorized — and in practice compelled — to produce their own emergency guerrilla or civilian currency as the Japanese Military Administration's peso notes lost credibility in the countryside. Iloilo's treasury issues from 1944 circulated alongside both Japanese occupation currency and clandestine guerrilla notes, creating a chaotic local monetary environment where exchange rates were effectively negotiated rather than fixed.
The S-prefix in the Pick reference places it in the Philippine specialized issues — wartime provincial scrip that was explicitly temporary and redeemable, in theory, after liberation. MacArthur's return to the Philippines in October 1944 made that redemption a live question sooner than most issuers expected.