500 Pesos

The so-called "Mickey Mouse money" issued by the Japanese Military Administration in the Philippines was derided by Filipinos almost from the start — inflation rendered it essentially worthless well before the war ended, and many Filipinos refused it outright or accepted it only under duress. The 500 Peso denomination, the highest in the 1944 series, was a direct consequence of that collapse: denominations had to keep climbing to remain functional for everyday transactions.

Bamboo-pulp paper was a wartime expedient, substituted as Japanese access to conventional paper stocks deteriorated. It ages poorly and is prone to brittleness at the folds — survivors in sound condition are less common than the notes' original print volumes would suggest.