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Home / Philippine Numismatics Collectors Hub / Collecting Philippine Coins / Japanese Invasion Money and Occupation Medals

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Japanese Invasion Money and Occupation Medals

WARTIME CURRENCY & MEDALS
 

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Exploring Japanese Invasion Money (JIM) in the Philippines and the commemorative medals of the occupation period reveals a distinct area of numismatics shaped by wartime conditions, reflecting how currency and medals were produced, used, and preserved during one of the most complex periods in Philippine monetary history. For a broader historical context of how these issues fit within the country’s monetary evolution, see Japanese Occupation Currency in the Philippines (1941-1945).

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Japanese Occupation Medals

 

Quick Reference

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  • Type: Banknote & Medal

  • Issuing Period: 1941-1945

  • Denominations

    • 1942 First Issue: 1 Centavo, 5 Centavos, 10 Centavos, 50 Centavos, 1 Peso, 5 Pesos, 10 Pesos

    • 1943-1945 Second Issue: 1 Peso, 5 Pesos, 10 Pesos, 100 Pesos, 500 Pesos, 1000 Pesos

  • Collectible Medal Summary: Surviving occupation medals are known in silver and bronze issues.

  • Collecting Focus

    • Block letter varieties

    • Numerical serial issues

    • Allied counterfeits

    • Propaganda overprints

    • Known medal types and inscriptions

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Identification Features of JIM
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Obverse inscription: “The Japanese Government” appears prominently on the notes.

First-issue imagery: From 50 Centavos to 10 Pesos, earlier notes show two boys riding a carabao in an abaca field.

Later-issue imagery: The later issue replaced the earlier abaca scene with the Monument of José Rizal, except for the 1000 Peso note.

1000 Peso note: The 1000 Peso note used a different generic decorative design rather than a specific local landmark.

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Serial Formats and Printing Diagnostics

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First-Issue Block Letters

  • The first letter “P” indicated the Philippines.

  • The second letter ran from A to Z to track printing batches.

  • When the sequence reached “Z,” a third block letter was added to continue the series.

  • Fractional block letters were later introduced, with the letter “P” above and a two-letter block below.

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Second-Issue Serial Format

The second issue introduced numerical serial numbers, while some denominations continued to retain the earlier block-letter system.

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1942 Japanese Invasion Money 10 Centavos

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1942 10 Centavos JIM

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1942 Japanese Invasion Money 5 Pesos

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1943 5 Pesos JIM​

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Counterfeits and Propaganda Notes
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Counterfeit Blocks

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  • 50-centavo bills: PA, PB, PE, PF, PG, PH, PI

  • 1-peso bills: PH

  • 5-peso bills: PD

  • 10-peso bills: PA, PB, PC

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Propaganda Overprints

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Some counterfeit notes were overprinted or labeled with messages such as “The Co-Prosperity Sphere: What is it worth?” These notes were used in psychological warfare and are especially collectible because of their wartime propaganda significance.

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Japanese Invasion Money in the Philippines (1942-1945) - 1942 Counterfeit 5 Pesos

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Counterfeit 1942 5 Peso JIM

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Japanese Invasion Money in the Philippines (1942-1945) - Co-Prosperity Sphere

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Image Source: Japanese government-issued Philippine fiat peso with overprinting. Public domain, via Wikimedia Commons​​

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Occupation Medals
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These medals were commissioned during the Japanese occupation to commemorate military victories in the Philippines.

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Homma Medal 1942 

 

Issued under General Masaharu Homma; inscription: “Commemorating the Expedition to the Philippines (1942).”

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Katayama Medal 1942 

 

Issued under Katayama; inscription: “Commemorating the Expedition to the Philippines (1942).”

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Quartermaster Corps Commemorative Medal 1942

 

Inscription: “Commemorating, Expedition to the Philippines (1942).”

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Quartermaster Corps Commemorative Medal (Silver)

 

Inscribed: “Commemorating the conquest of the Philippines/December 27, 16th year of Showa (1941).”

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Quartermaster Corps Commemorative Medal (Bronze)

 

Inscribed: “Commemorating the Great East Asia War/kaki 6561 unit (1941).”

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Surrender of Bataan Medal (Bronze)

 

Private issue souvenir; inscription: “Commemorating the Surrender of Bataan (1942).”

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Surrender of Bataan Medal (Silver)

 

Private issue souvenir; inscription: “Commemorating the Surrender of Bataan (1942).”

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Authentication and Verification
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For collectors and researchers interested in Japanese Invasion Money in the Philippines, the Numismatics.ph Japanese Invasion Money Catalog is presented in the source as a collector resource.

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  • It provides a list of JIM issues specific to the Philippines.

  • It includes reference images for both genuine and counterfeit notes.

  • It includes details on Allied forgeries and tips for identifying them.

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Collector Notes on Market & Rarity​

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  • Most surviving JIM notes remain relatively inexpensive because they were produced in massive quantities during World War II.

  • Condition affects value, with crisp Uncirculated notes bringing stronger prices than circulated examples.

  • Higher denominations such as 500 Pesos and 1000 Pesos are scarcer and often sell at a premium.

  • Certain block letter and serial number combinations are more sought after by collectors.

  • Notes with propaganda overprints are highly collectible.

  • Surviving Japanese occupation medals are extremely rare and highly sought after by collectors

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References & Sources:​

 

Basso, Aldo P. "Coins, Medals and Tokens of the Philippines." Menlo Park, CA: Chenby Publishers, 1968.

Selected numismatic articles, auction archives, and collector references used for comparative study.

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Continue Your Collecting Journey:

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Published Date: 8/11/2025

Last Updated: 3/9/2026

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