"Mickey Mouse money" redirects here. For the scrip used in many Disney-owned locations, see Disney dollar.
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 peso (see also Japanese invasion money).[1] The Japanese government 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.[2]
Japanese government–issued Philippine peso
Peso (in English and Spanish), Piso (in Filipino)
Obverse and reverse of the 500-peso note, 1944–1945
This infobox shows the latest status before this currency was rendered obsolete.
Some Filipinos called the fiat peso by the derogatory term "Mickey Mouse money".[3] 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.[4] In 1944, a box of matches cost more than 100 Mickey Mouse pesos.[5]
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.[6] Towards the end of the war, the currency underwent hyperinflation, causing a rapid increase of the denomination value of notes put into circulation.[3]
One-peso banknote with the "Co-prosperity Sphere" overprint, which was then dropped in areas occupied by the Imperial Japanese Forces as a form of psychological warfare.
The U.S. counterfeited notes throughout the war partly in an attempt to destabilize the local economy, thereby demoralizing the Japanese, and to supply guerillas fighting the Japanese. General MacArthur asked the Office of Strategic Services (OSS) to replicate the Japanese currency in the Philippines for his eventual return. By luck, a supply of paper made from plants native to Japan was located in the U.S.[7] When that supply was exhausted the counterfeiting operation was transferred to Australia. In 1943 MacArthur requested and received the following counterfeited notes: five million 10-peso notes, three million 5-peso notes, one and a half million 1-peso notes and five hundred thousand 50-centavo notes.[8] The American forgeries are known to have the following block letter codes:
50-centavo bills: PA, PB, PE, PF, PG, PH and PI
1-peso bills: PH
5-peso bills: PD
10-peso bills: PA, PB, and PC
Denominationsedit
1942 seriesedit
1942 issue of the Japanese government-issued Philippine peso
Image
Value
Issue date
Series
1 centavo
1942
First
5 centavos
1942
First
10 centavos
1942
First
50 centavos
1942
First
1 peso
1942
First
5 pesos
1942
First
10 pesos
1942
First
1943–1945 seriesedit
A new series of notes in denominations of 1, 5 and 10 pesos were issued in 1943. Inflation also forced the Japanese to issue notes for 100, 500 and 1000 pesos in 1944.
1943–1945 issue of the Japanese government-issued Philippine peso
^Potet, Jean-Paul G. (June 25, 2016). Numbers and Units in Old Tagalog. Lulu.com. p. 102. ISBN978-1-326-61380-8.
^United States. Army Service Forces (1944). Civil Affairs Handbook: Philippine Islands. Headquarters, Army Service Forces. pp. 31–33.
^ ab"Japanese Peso Note | McClung Museum of Natural History & Culture". McClung Museum of Natural History & Culture | University of Tennessee, Knoxville. October 20, 2017. Retrieved January 25, 2023.
^Barbara A. Noe (August 7, 2005). . Los Angeles Times. Archived from the original on February 17, 2009. Retrieved November 16, 2006.
japanese, government, issued, philippine, peso, mickey, mouse, money, redirects, here, scrip, used, many, disney, owned, locations, disney, dollar, during, world, philippines, occupying, japanese, government, issued, fiat, currency, several, denominations, thi. Mickey Mouse money redirects here For the scrip used in many Disney owned locations see Disney dollar 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 peso see also Japanese invasion money 1 The Japanese government 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 2 Japanese government issued Philippine pesoPeso in English and Spanish Piso in Filipino Obverse and reverse of the 500 peso note 1944 1945ISO 4217CodenoneUnitPluralpesosSymbol DenominationsSubunit 1 100CentCentavo or Centimo Spanish Sentimo Filipino Banknotes 1 5 10 100 500 1000IssuanceCentral bankJapanese governmentThis infobox shows the latest status before this currency was rendered obsolete Some Filipinos called the fiat peso by the derogatory term Mickey Mouse money 3 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 According to one witness 75 Mickey Mouse pesos or about 35 U S dollars at that time could buy one duck egg 4 In 1944 a box of matches cost more than 100 Mickey Mouse pesos 5 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 6 Towards the end of the war the currency underwent hyperinflation causing a rapid increase of the denomination value of notes put into circulation 3 One peso banknote with the Co prosperity Sphere overprint which was then dropped in areas occupied by the Imperial Japanese Forces as a form of psychological warfare Contents 1 Counterfeit notes 2 Denominations 2 1 1942 series 2 2 1943 1945 series 3 See also 4 References 5 External linksCounterfeit notes editThe U S counterfeited notes throughout the war partly in an attempt to destabilize the local economy thereby demoralizing the Japanese and to supply guerillas fighting the Japanese General MacArthur asked the Office of Strategic Services OSS to replicate the Japanese currency in the Philippines for his eventual return By luck a supply of paper made from plants native to Japan was located in the U S 7 When that supply was exhausted the counterfeiting operation was transferred to Australia In 1943 MacArthur requested and received the following counterfeited notes five million 10 peso notes three million 5 peso notes one and a half million 1 peso notes and five hundred thousand 50 centavo notes 8 The American forgeries are known to have the following block letter codes 50 centavo bills PA PB PE PF PG PH and PI 1 peso bills PH 5 peso bills PD 10 peso bills PA PB and PCDenominations edit1942 series edit 1942 issue of the Japanese government issued Philippine peso Image Value Issue date Series nbsp 1 centavo 1942 First nbsp 5 centavos 1942 First nbsp 10 centavos 1942 First nbsp 50 centavos 1942 First nbsp 1 peso 1942 First nbsp 5 pesos 1942 First nbsp 10 pesos 1942 First 1943 1945 series edit A new series of notes in denominations of 1 5 and 10 pesos were issued in 1943 Inflation also forced the Japanese to issue notes for 100 500 and 1000 pesos in 1944 1943 1945 issue of the Japanese government issued Philippine peso Image Value Issue date Series nbsp 1 peso 1943 Second nbsp 5 pesos 1943 Second nbsp 10 pesos 1943 Second nbsp 100 pesos 1944 Second nbsp 500 pesos 1944 Second nbsp 1 000 pesos 1945 SecondSee also editEmergency circulating notes Japanese government issued dollar in Malaya North Borneo Sarawak and Brunei Philippine pesoReferences edit Potet Jean Paul G June 25 2016 Numbers and Units in Old Tagalog Lulu com p 102 ISBN 978 1 326 61380 8 United States Army Service Forces 1944 Civil Affairs Handbook Philippine Islands Headquarters Army Service Forces pp 31 33 a b Japanese Peso Note McClung Museum of Natural History amp Culture McClung Museum of Natural History amp Culture University of Tennessee Knoxville October 20 2017 Retrieved January 25 2023 Barbara A Noe August 7 2005 A Return to Wartime Philippines Los Angeles Times Archived from the original on February 17 2009 Retrieved November 16 2006 Agoncillo Teodoro A amp Guerrero Milagros C History of the Filipino People 1986 R P Garcia Publishing Company Quezon City Philippines Friedman Herbert A WWII Allied Propaganda Banknotes Retrieved April 17 2010 Arlie Slabaugh Japanese Invasion Money by Hewitt s Numismatic Information Series Chicago Press 1967 WW II Allied Propaganda BanknotesExternal links edit nbsp Look up fiat in Wiktionary the free dictionary Bangko Sentral ng Pilipinas Official website of the Bangko Sentral ng Pilipinas Philippine Currency During WWII Portals nbsp Money nbsp Numismatics nbsp Philippines Retrieved from https en wikipedia org w index php title Japanese government issued Philippine peso amp oldid 1205806152, wikipedia, wiki, book, books, library,
