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In 1944, during World War II, the Empire of Japan occupied the Philippine archipelago with a regime now termed the Second Philippine Republic. This government issued a paper-only fiat currency which was given the same name as the previous currency - the peso. As apparently happens with much fiat currency, the Japanese peso experienced hyperinflation - unfortunate both for the folks who had to use it and for modern discoverers of the bills. (According to the Wikipedia article from which most of this is ripped off - "Japanese government-issued Philippine fiat peso" - the pesos became so worthless they were termed "Mickey Mouse money.")

As far as further Web research reveals, individual bills might be worth about one dollar each to collectors, regardless of printed value, which goes to show just how crazy the inflation was. But don't just take this page's word for it - get them appraised!

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16y ago

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