CEBU

Cebu Currency Committee

The Cebu Currency Commitee was created by President Quezon in a telegram dated Dec, 29, 1941. Simeon C. Miranda, Acting Manager of the Cebu Branch of the Philippine National Bank, was designated Chairman, with Provincial Auditor Roman T. del Bando and Provincial Fiscal Feliberto Imperial Reyes as Members.

The first notes produced were of 1 Peso denomination, printed in blue on white bond paper. By mid-February 1942, one million notes had been printed. By then stocks of paper had been obtained, primarily from the Bais Cellulose factory in Negros Oriental, and printing of the other denomintions, in black, were undertaken, The centavo notes were printed on a thick yellow paper. Each of the peso denominations had an underprinting in a different color. Officially, printing ended in late March, by which time a total of 11,005,000 pesos had been printed and turned over to the Philippine National bank for distribution.

For reasons never explained, Chairman Miranda had an additional 550,000 pesos printed in 5 and 20 peso notes. without the knowledge of the other Committee Members. On April 8, he turned the entire amount over to two USAFFE officers. When the Japanese invaded Cebu two days later, the currency was secretly hidden to prevent its capture. Later on, the Cebu guerillas retrieved it and and used it to finance their operations. Since no currency was printed in Cebu after the surrender, as was done in other areas, these notes may be regarded as a guerilla issue.

Most counterfeits are poorly done, none as good as the genuine. Serial numbers are often crude, sometimes faded to illegibility, and many of them have numbers far beyond the genuine.



PHILIPPPINE NATIONL BANK  - CEBU

1941 OFFICIAL EMERGENCY CIRCULATING NOTE ISSUE
#S 211-S214 bank arms at ctr, on face. Yellow paper.

(S211 to  218)

1941 CEBU GUERILLA ISSUE

(S219 -220)

1941