PHILIPPINES 1941, 1942 - RARE EMERGENCY BANKNOTES

Due to paper shortage during WWI, PNB issued emergency notes of 10, 20, 50 centavos, and 1 peso printed on cardboard. They also overprinted existing BPI notes in 5, 10, and 20 pesos due to currency scarcity. During the Commonwealth era, Treasury Certificates with the new government's seal were issued, but PNB and BPI notes remained in circulation.