Obverse
"The Japanese Government" "Five Pesos" "Japanese Characters (Japanese Imperial Government)"
Reverse
"Five Pesos"
Note 1
Initially issued by the Yokohama Specie Bank and later the Southern Development Bank. For the Philippines the primary issuer of this currency seems to have been the Bank of Taiwan. Serial number begins with "P" representing the Philippines.
Note 2
A total of 600,000 notes were counterfieted by the Allied forces. The Allied Counterfeit has known to have the block letter PD.
Remarks
It is stated in other catalogs that there is a white paper to light brown paper to orange-brown paper variety of this banknote, but many numismatists, other catalogs (which started to list it as only one variety), and modern researchers consider that the color variation is only part of an age-related process or deterioration, and it is currently recognized as such in this catalog.
