Japanese War Notes

Japanese War Notes Invasion Money Paper Currency World War Occupation Denomination Value Denomination Circulation Value Wartime Finance Bank Southern Development Bank Hard Mickey Mouse Amount History Japanese war notes, also called Japanese Invasion Money, was currency in the Philippines between 1941 and 1945 during the Japanese occuption. The Japanese Occupation forces printed millions of paper bills of several denominatons to replace United States Philippine currency. Japanese Invasion Money was officially known as Southern Development Bank Notes. It is a currency that was issued by the Japanese Military Authority, as a replacement for local currency. In February 1942 Japan passed laws which established the Wartime Finance Bank and the Southern Development Bank. Both of these banks issued bonds to raise funding for the war. The former loaned money primarily to military industries. The latter is the one we are interested in here. They provided financial services in areas occupied by the Japanese military, and these Southern Development Bank notes were the Japanese Invasion Money we are now looking at. Once the Japanese government made these notes, their military confiscated all hard currency in the Philippines, both from the government and the people. They replaced it with Southern Development Bank notes. The notes, as fiat money, had no back up reserves, thus, Filipinos dubbed it “Mickey Mouse” money since it was next to worthless. During the worst inflation in the Philippine history, Filipinos would go to the market laden with “bayongs” (native woven bags) of “Mickey Mouse” bills since one duck egg cost 75 pesos, and a box of matches more than 100 pesos.


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