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Japanese government-issued Philippine fiat peso: Wikis


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During World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations known as Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republic under Jose P. Laurel outlawed possession of guerilla currency and declared a monopoly on the issuance of money and anyone found to possess guerilla notes could be arrested.

Due to the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation. The Filipinos called the fiat peso, "Mickey Mouse money", because it was similar to play money and next to worthless. Many survivors of the war tell stories of going to the market laden with suitcases or "bayong" (native bags made of woven coconut or buri leaf strips) overflowing with the Japanese-issued bills. 75 "Mickey Mouse" pesos, or about 35 U.S. dollars at that time, could buy one duck egg[1]. In 1944, a box of matches cost more than 100 Mickey Mouse pesos[2].




1942 series

1943 series

The obverse side views of the 1, 5, 10, 100-peso denominations all depict the Jose Rizal monument in Rizal Park, Manila, Philippines.

1944-45 series

Inflation had forced the Japanese to issue 100, 500, and 1000 peso notes in between 1944 and 1945.

See also

External links


  1. ^ Barbara A. Noe (August 7, 2005). "A Return to Wartime Philippines". Los Angeles Times.,0,648886,full.story?coll=la-editions-valley. Retrieved 2006-11-16.  
  2. ^ Agoncillo, Teodoro A. & Guerrero, Milagros C., History of the Filipino People, 1986, R.P. Garcia Publishing Company, Quezon City, Philippines


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