The U.S. counterfeited notes throughout the war partly in an attempt to
destabilize the local economy, thereby demoralizing the Japanese, and to supply guerillas fighting the Japanese.
General MacArthur asked the
Office of Strategic Services (OSS) to replicate the Japanese currency in the Philippines for his eventual return. By luck, a supply of paper made from plants native to Japan was located in the U.S. When that supply was exhausted the counterfeiting operation was transferred to Australia. In 1943 MacArthur requested and received the following counterfeited notes: five million 10-peso notes, three million 5-peso notes, one and a half million 1-peso notes and five hundred thousand 50-centavo notes. The American forgeries are known to have the following block letter codes: • 50-centavo bills: PA, PB, PE, PF, PG, PH and PI • 1-peso bills: PH • 5-peso bills: PD • 10-peso bills: PA, PB, and PC ==Denominations==