Japanese Government 50 centavos banknote, Philippines 1942-1945

Description: Japanese Government 50 centavos banknote, Philippines 1942-1945 Size: 120 x 59 mm; Condition: EF Year: 1942-1945 Japanese invasion money, officially known as Southern Development Bank Notes, was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II. In February 1942 in Japan, laws were passed establishing the Wartime Finance Bank and the Southern Development Bank. Both institutions issued bonds to raise funds. The former loaned money primarily to military industries, but also to a wide range of other ventures, including hydroelectric generators, electric power companies, shipbuilding and petroleum. The latter provided financial services in areas occupied by the Japanese military, and Southern Development Bank notes were in fact used as de facto military scrip. In December 1942, the outstanding balance of Southern Development Bank notes stood at >470 million; in March 1945, >13 billion.[1] In August 1940, Japanese Foreign Minister Yōsuke Matsuoka announced the idea of the Greater East Asia Co-Prosperity Sphere. The Japanese envisioned the Co-Prosperity Sphere to be an autarkic bloc of Asian nations led by the Japanese and free of Western powers; "Asia for Asians". As Japan occupied various Asian countries, they set up governments with local leaders who proclaimed independence from the Western powers. Beginning with the capture of the Philippines, the Japanese military confiscated all hard currency, both on a federal and individual level, replacing it with locally printed notes bearing a proclamation of military issue. All notes bear the name of the issuer, “The Japanese Government” while some notes proclaim the “promises to pay the bearer on demand”. Called “Mickey Mouse Money” by local Filipinos,[2] it was valueless after the overthrow of the Japanese, and tons of it were burned. Japanese troops were ordered to destroy bank records and any remaining currency prior to capitulation.[2] By the end of World War II, the Co-Prosperity Sphere where Invasion Monies were issued included the Philippines, Burma (now Myanmar), Malaya, North Borneo and Sarawak (now Malaysia), Singapore, Brunei, the Dutch East Indies (now Indonesia) and some areas of Oceania (New Guinea and the Solomon and Gilbert islands). The Philippines On 10 December 1941 Japanese troops landed on Luzon. The Japanese overran Manila on 2 January 1942, and in the process captured more than $20.5 Million in U.S. and local cash and an unknown amount of foreign currency and bullio]. The Japanese used this hard currency abroad to purchase raw materials, rice and weapons to fuel and feed its war machine. In its place, the Japanese issued several series of fiat currency. The first issue in 1942 consisted of denominations of 1, 5, 10 and 50 centavos and 1, 5, and 10 Pesos. The next year brought “replacement notes” of the 1, 5 and 10 Pesos while 1944 ushered in a 100 Peso note and soon after an inflationary 500 Pesos note. Near the end of the war in 1945 the Japanese issued a 1,000 Pesos note. Plates for this note were completed in Manila shortly before U.S. troops entered the city on 3 February 1945, and the Japanese printed the 1,000 Pesos note while they were retreating from Manila to Baguio. The Japanese were on the defensive and short of supplies, they diluted printer’s ink with duplicator fluid to stretch stores Normal 0 false false false EN-US X-NONE X-NONE

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End Time: 2024-04-04T15:32:07.000Z

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