The Mickey Mouse Money and The Japanese Occupation

Part I    Piloncitos

Part II    Barter Rings

Part III    Alfonso Coin

Part IV    Two-Centavo Copper Coin

Part V    1906 S

This is Part VI of our Philippine Money series. All earlier Parts are linked above. This Part is all about the Japanese occupation in the Philippines during and after the 2nd World War which lasted three years, from 1942 to 1945.

After the American Regime in the Philippines from 1900-1941, there goes the 2nd World War. One of the Invaders which plays a great role in that Battle, are the Japanese. 

The Commonwealth of the Philippines was attacked by the Empire of Japan on December 8, 1941, nine hours after the attack on Pearl Harbor (the Philippines is on the Asian side of the international date line). The United States of America controlled the Philippines at the time and possessed important military bases there. The combined American-Filipino army was defeated in the Battle of Bataan and the Battle of Corregidor in April 1942, but guerrilla resistance against the Japanese continued throughout the war. Uncaptured Filipino army units, a communist insurgency, and supporting American agents all played a role in the resistance. Due to the huge number of islands, the Japanese never occupied many of the smaller and more minor islands. Japanese control over the countryside and smaller towns was often tenuous at best.

1945 The Streets are littered with Invasion Money

In 1944, Allied forces liberated the islands from Japanese control in a naval invasion.

During World War II in the Philippines, the occupying Japanese government issued a fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso (see also Japanese invasion money). The Second Philippine Republic under President José P. Laurel outlawed possession of guerrilla currency, and declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested or even executed.

Some Filipinos called the fiat peso "Mickey Mouse money". Many survivors of the war tell stories of going to the market laden with suitcases or "bayóng" (native bags made of woven coconut or buri leaf strips) overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U.S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos.

These bills were often used by American psychological warfare personnel as propaganda leaflets. Japanese occupation banknotes were overprinted with the words "The Co-prosperity Sphere: What is it worth?", in an attempt to discredit the Greater East Asia Co-Prosperity Sphere, and dropped from Allied aircraft over the occupied territories.

In 1942 the Japanese issued paper scrip currency of 1, 5, 10 and 50 cents and 1, 5 and 10 dollars. With metals being a needed war-material the Japanese did not issue coinage during their occupations. Occupation currency, including denominations of less than one dollar, was printed on paper.

The outbreak of World War II caused serious disturbances in the Philippine monetary system. Two kinds of notes circulated in the country during this period. The Japanese Occupation Forces issued war notes in big denominations. Provinces and municipalities, on the other hand, issued their own guerrilla notes or resistance currencies, most of which were sanctioned by the Philippine government in-exile, and partially redeemed after the war.

Personally, I am not that fond of collecting Paper Money as they required a lot of care. They tend to break after long years of improper affection and care.

If you are planning to cellect these Bills, values depend on issue, block number, series, denomination and grade. Some notes are found overprinted with anti-Japanese slogans or stampings form the Japanese War Notes Claimants Association of the Philippines that, in 1967, tried to get the United States Government to redeem the millions of pesos in occupation notes. Value Range: US 10 cents – $150.

On eBay, they are selling those from 20 to 30 Dollars in assorted variance.

Cheerio!