Emergency Circulating Note Appraisal

Philippine World War II Emergency Circulating Note (Salcedo, Samar)

This is a rare piece of World War II history: a 50 Centavo emergency circulating note issued by the Municipal Government of Salcedo, Samar in the Philippines, dated December 8, 1942. During the Japanese occupation of the Philippines, local provincial and municipal governments issued 'guerrilla money' or emergency currency to maintain the local economy after the official supply of Philippine Pesos was exhausted or seized. This specific note is printed on a thin, fibrous off-white paper that has aged to a brownish-yellow patina. It features a vertical orientation with a decorative border composed of repeated '50c' denominations. The text explicitly states that the municipal government will pay the bearer on demand. It includes facsimile or hand-stamped signatures of local officials, including a Mayor, Judge, and Treasurer. The condition is heavily circulated, showing significant wear, rounded corners, creasing, and some dark staining or ink blotches, particularly at the top and bottom. There is visible bleed-through from several circular and linear hand-stamps on the reverse side, indicating its use through various local authority screenings. Such notes were produced using primitive equipment under clandestine conditions, making each piece unique in its printing alignment and paper stock quality.