Concept

Japanese government–issued Philippine peso

Résumé
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). 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. Some Filipinos called the fiat peso by the derogatory term "Mickey Mouse money". 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. In 1944, a box of matches cost more than 100 Mickey Mouse pesos. These bills were often used by American psychological warfare personnel as propaganda leaflets. Japanese occupation ba
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