page_title: Second Philippine Republic
section_title: Japanese money
hierarchical_section_title: Second Philippine Republic / The Republic / Japanese money
caption_attribution_description: English: Japanese Government (Philippines)-500 Pesos (1944) The Japanese government-issued Philippine peso, part of the Japanese invasion money of World War II, was issued between 1942 and 1945 by the occupying Japanese government.
context_page_description: The Second Philippine Republic, officially known as the Republic of the Philippines and also known as the Japanese-sponsored Philippine Republic, was a puppet state established on October 14, 1943, during the Japanese occupation.
context_section_description: The first issue in 1942 consisted of denominations of 1, 5, 10 and 50 centavos and 1, 5, and 10 Pesos. The next year brought "replacement notes" of the 1, 5 and 10 Pesos while 1944 ushered in a 100 Peso note and soon after an inflationary 500 Pesos note. In 1945, the Japanese issued a 1,000 Pesos note. This set of new money, which was printed even before the war, became known in the Philippines as Mickey Mouse money due to its very low value caused by severe inflation. Anti-Japanese newspapers portrayed 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. In 1944, a box of matches cost more than 100 Mickey Mouse pesos. In 1945, a kilogram of camote cost around 1000 Mickey Mouse pesos. Inflation plagued the country with the devaluation of the Japanese money, evidenced by a 60% inflation experienced in January 1944.
caption: Japanese issued money – Philippines 500 Pesos
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