The “Mickey Mouse Money,” so-called for its lack of value is akin to play money, was the devalued fiat currency issued during the Japanese occupation of the Philippines, causing hyperinflation and forcing Filipinos to rely on bartering.
JAPANESE – PHILIPPINE CURRENCY
After having established a fairly effective hold on the Philippines in mid-1942, the Japanese issued their first series of occupation currency for the country (Japanese-Philippine currency was derisively termed Mickey Mouse Money” by the Filipinos – an obvious reference to their contempt for the Japanese occupation).
The size and format of the smaller denominations are very similar to other occupation currencies made by the Japanese for Burma, Malaya, and the Dutch East Indies. This is also the only time such small denominations were made for the Philippines. Code letters appeared as two large letters or as three letters in fraction style (Ten Centavos), Both two and three-letter codes will be found on One, Five, and Ten Centavos notes (Shafer, 1964).