4th printing, 1944 series. Black text, blue seal and blue serial number. Pick (World Paper Money, specialized issues) #515.

During World War II in the Philippines, as Imperial Japanese forces occupied most of Mindanao, some US soldiers, local guerrilla forces and Commonwealth authorities organized financial systems of their own to keep society functioning and support the resistance. In Mindanao, this took the form of “Mindanao Emergency Currency” issued by the Mindanao Emergency Currency Board - a guerrilla‑era monetary authority created under the auspices of the U.S. Forces in the Philippines (USFIP) and Philippine Commonwealth government in exile.

Beginning in 1942, when regular Philippine money was scarce and Japanese occupation currency threatened to dominate, this Board printed crude paper money, labeled Treasury Emergency Currency Certificates, with promises that they would be redeemed at face value after the war. Because printing facilities were rudimentary and guerrilla units often had to relocate to avoid detection, the mint became known as a “hit‑and‑run” mint - moving frequently to stay ahead of Japanese forces while producing notes by hand or on makeshift equipment.

These guerrilla‑issued notes circulated widely throughout Mindanao’s Free Areas in place of Japanese fiat currency, helping stabilize local trade and maintain morale among civilians and fighters alike despite the threat of severe punishment if captured with them under Japanese rule.