Cebu is a long, narrow province in the central Philippines between Negros and Bohol. It was at Cebu City that the seat of government for the Philippine Commonwealth was established after the fall of Manila to Japanese forces at the end of 1941. Millions of Cebu notes were to be placed into circulation on the islands of Leyte, Samar, Bohol and Masbate, all then unoccupied by Japanese forces.Many of these notes were counterstamped by the local municipalities in the provinces that they circulated in. These notes command a premium above the regular notes from the Cebu province. Two provinces which relied heavily on Cebu notes are Leyte and Surigao.
* Cebu was believed to not have had time to issue municipal notes before the occupation, but apparently at least 2 municipalities did just that. These notes are extremely rare.
Notes issued by Cebu
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