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Emergency circulating notes
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<p>Emergency circulating notes were currency printed by the <a href="/facts/Commonwealth_of_the_Philippines/PGJepz80">Philippine Commonwealth</a> <a href="/facts/Government_in_exile/7Uzt8N2m">Government in exile</a> during <a href="/facts/World_War_II/2efV5L1U">World War II</a>. These "guerrilla pesos" were printed by local government units and banks using crude inks and materials. Due to the inferior quality of these bills, they were easily mutilated. </p><p>The Japanese-sponsored <a href="/facts/Second_Philippine_Republic/kQKgaxcW">Second Philippine Republic</a> under <a href="/facts/President_of_the_Philippines/RWoHauBW">President</a> <a href="/facts/Jose_P._Laurel/H6YTcfN5">José P. Laurel</a> outlawed possession of guerrilla currency and declared a <a href="/facts/Monopoly/BXIQWUmR">monopoly</a> on the issuance of money and anyone found to possess guerrilla notes could be arrested or even executed. </p>