During World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso, or simply the Japanese peso. The Japanese-sponsored Second Philippine Republic under Jose P. Laurel outlawed possession of guerilla currency, and declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested.
The Filipinos called the fiat peso ‘Mickey Mouse money,’ because it was similar to play money and next to worthless. Many survivors of the war tell stories of going to the market laden with suitcases or ‘bayong’ (native bags made of woven coconut or buri leaf strips) overflowing with the Japanese-issued bills. In 1944, a box of matches cost more than 100 Mickey Mouse pesos.
The Daily Omnivore 
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