Philippines Banknotes: History, Notable Notes and Collecting Guide
Philippine paper money spans Spanish colonial pesos fuertes, American-era silver certificates, the "Mickey Mouse money" of the Japanese occupation, guerrilla notes printed under penalty of death, and one of Asia's newest polymer series. Few countries offer collectors this much history in a single album.
Last updated: July 2026
The Philippine peso, spelled piso on modern notes, is the official currency of the Philippines, issued by the Bangko Sentral ng Pilipinas and abbreviated PHP. Its paper money tells the country's whole story: Spanish colony, American territory, wartime occupation and resistance, independent republic, and a modern economy now moving to polymer. This hub walks through each era, the notes collectors seek, and how to start a Philippines collection.
Where does the Philippine peso come from?
Philippine paper money began in 1852, when El Banco Español Filipino de Isabel II, the country's first bank, issued notes denominated in pesos fuertes of 10, 25, 50 and 200. Early notes carried a portrait of Queen Isabella II, removed after she was deposed in Spain in 1868, and the issuing bank survives today as the Bank of the Philippine Islands.
After the United States took control of the islands, the US Congress passed the Philippine Coinage Act of 1903, pegging the peso to the American dollar at two to one. Silver Certificates of 2, 5 and 10 pesos appeared in 1903, higher denominations followed in 1905, and Treasury Certificates replaced them from 1918. Treasury certificates continued under the Commonwealth of the Philippines, established in 1935, right up to the outbreak of war. Issued under US sovereignty, these notes also appeal to collectors of United States banknotes.
What happened to Philippine money in World War II?
Japan occupied the Philippines in 1942 and forced residents to exchange their prewar currency for fiat notes printed with "The Japanese Government." Filipinos scornfully nicknamed the occupation pesos "Mickey Mouse money," and the nickname proved fair: inflation forced 100 and 500 peso notes into circulation in 1944 and 1,000 peso notes by 1945. The Hanke-Krus World Hyperinflation Table published by the Cato Institute records the episode as a true hyperinflation, peaking at 60 percent monthly inflation in January 1944. See where it ranks in every hyperinflation ranked.
The resistance printed its own money. President Manuel Quezon authorized provincial emergency currency boards, and free provincial governments and guerrilla units issued emergency notes, often crudely printed on whatever paper they could find. The Japanese authorities outlawed these notes, and possession was punishable by death. Neil Shafer's specialized reference, Philippine Emergency and Guerrilla Currency of World War II, documents the entire field, making this one of the best cataloged resistance currencies anywhere.
Which Philippine banknote series should collectors know?
| Era or series | Period | Why collectors seek it |
|---|---|---|
| Spanish colonial pesos fuertes | 1852 to 1896 | The first Philippine banknotes, issued by the country's first bank. |
| American-era Silver and Treasury Certificates | 1903 to 1941 | US-sovereignty issues pegged at 2 pesos to the dollar, with crossover appeal for US collectors. |
| Japanese occupation notes | 1942 to 1945 | "Mickey Mouse money," an affordable, historically loaded hyperinflation issue. |
| Guerrilla and emergency notes | 1941 to 1945 | Resistance money printed under penalty of death, a deep specialty field. |
| Victory notes and overprints | 1944 to 1949 | VICTORY overprints from liberation, later overprinted again for the new Central Bank. |
| Post-independence series | 1949 to 2010 | English Series, Pilipino Series, Ang Bagong Lipunan Series, then the New Design Series. |
| New Generation Currency and polymer | 2010 to present | Current paper notes plus the fauna-themed First Philippine Polymer Series. |
The post-war chain runs in a clean line. Liberation forces brought treasury certificates overprinted VICTORY in 1944. The Central Bank of the Philippines opened on January 3, 1949, and its first notes were those same Victory notes overprinted again with the new bank's name. The English Series followed from 1949, the only Philippine series worded entirely in English. The Pilipino Series of 1969 switched the notes to Filipino and adopted the piso spelling, the Ang Bagong Lipunan Series arrived in 1973, and the New Design Series debuted in 1985. All of these older series have since been demonetized.
What are the New Generation Currency and polymer notes?
The central bank was re-established as the Bangko Sentral ng Pilipinas in 1993 under the New Central Bank Act, and it launched the New Generation Currency series on December 16, 2010. In April 2022 the BSP released a 1000-piso polymer note featuring the Philippine eagle, and on December 19, 2024 it unveiled the First Philippine Polymer Series of 50, 100 and 500 piso, which entered circulation days later in limited quantities in the Greater Manila area. The polymer notes lead with wildlife rather than portraits: the Visayan spotted deer, the Palawan peacock-pheasant, and the Visayan leopard cat. The BSP has confirmed that polymer notes circulate alongside the paper New Generation Currency notes, which remain legal tender.
How do you start collecting Philippine banknotes?
The Japanese occupation notes are the classic entry point. They were printed in enormous quantities and became worthless at liberation, so common types are inexpensive today while carrying an outsized story. Guerrilla and emergency notes reward patient specialization, where provenance and authentication matter more. American-era certificates and Victory notes sit at higher price points and benefit from grading by PMG or PCGS, explained in our banknote grading guide.
Buy from a source-first dealer that documents authenticity. Planet Banknote's inventory changes constantly, so browse the full banknotes by country directory for current world listings, look at graded banknotes if you prefer certified examples, and start with the how to collect world banknotes guide if you are new to the hobby.
Frequently asked questions
What was Mickey Mouse money in the Philippines?
Mickey Mouse money was the Filipino nickname for the fiat pesos issued by the Japanese occupation government between 1942 and 1945, printed with the words "The Japanese Government." Residents were forced to exchange their prewar currency for these notes, which lost value so fast that the Hanke-Krus World Hyperinflation Table records 60 percent monthly inflation in January 1944. After liberation the notes were worthless, and today they are affordable historical collectibles.
What are Philippine guerrilla and emergency notes?
They are emergency currency printed during World War II by provincial currency boards authorized by President Manuel Quezon and by resistance forces in areas outside Japanese control. Many were crudely produced on poor quality paper. The Japanese occupation authorities banned them, and possession was punishable by death. The series are documented in Neil Shafer's reference Philippine Emergency and Guerrilla Currency of World War II, which makes them a well cataloged specialty for collectors.
Are Japanese occupation pesos from the Philippines valuable?
Most common types are inexpensive because they were printed in vast quantities and became worthless after liberation, so their appeal is historical rather than monetary. Scarcer varieties and notes in top Uncirculated condition bring more, and prices vary with grade and demand rather than following a fixed list. For most collectors they are one of the cheapest ways to own a documented hyperinflation currency.
Is the Philippines replacing paper banknotes with polymer?
Not entirely. The Bangko Sentral ng Pilipinas released a 1000-piso polymer note in April 2022 and unveiled the First Philippine Polymer Series of 50, 100 and 500 piso in December 2024. The BSP has stated that polymer notes circulate alongside the existing paper New Generation Currency notes, and that paper notes remain legal tender, so the two formats co-circulate today.
What is the difference between peso and piso?
They are the same currency. Peso is the Spanish and English name, while piso is the Filipino-language spelling that has appeared on the notes themselves since the Pilipino Series of 1969, when the Central Bank switched banknote text from English to Filipino. The international currency code is PHP either way, and collectors use the two terms interchangeably.
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