Philippines Guerilla World War Two Banknote Portfolio Album

 When the Japanese Army occupied the Philippines late in 1941, the Imperial Japanese Government immediately issued their own currency. These notes arrived with the Japanese troops and were put into circulation right away.  The Japanese invaders sought to unite the Asian countries under their influence and establish a "co-prosperity sphere." Promises of national independence first attracted the local governments, but the harsh realities of Japanese occupation soon replaced initial enthusiasm with anti-Japanese sentiment.  Initially, the Japanese decreed that local currency was no longer valid. Threat of torture or death was the price paid for possession of "Emergency Currency".  These emergency issues were printed by the guerilla fighters, and also local committees in the free provinces, under the authority of Philippine president Quezon from his government-in- exile.  Peso notes and also fractions were printed on a variety of makeshift presses with any kind of improvised paper and inks