The first letter "P" was used for the Philippines and the second letter was rotated by the Japanese to control the circulation of these notes in country. "A" was the first second letter, followed by "B", then "C", and finally "D", which was the most common and last block letter for this denomination.

These PA block letters can be hard to find. This one has the JAPWANCAP (Japanese War Notes Claimants Association of the Philippines) stamp on the back. In 1967, this Philippine organization made a very serious attempt to obtain funds from the United States for redemption of millions of Pesos in Japanese occupation currency. Notes with JAPWANCAP had a number of different stampings. 

This note is circulated, used during the war in the hot, humid climate of the Philippines. As such, this PA note is a bit ragged and limp, but is intact.

Please view the photos to see for yourself. 

I have listed other JIM notes.