The Japanese 14th Army began landing at Lingayen Gulf on December 22, 1941. Gen. Mac-Arthur ordered USAFFE forces to withdraw to Bataan, but the rapid Japanese advance cut the lines of retreat of many units. When the 43rd Infantry crossed the Cordillera Mountains it found Japanese tanks blocking further withdrawal. Col. John P. Horan decided to take the remnants of this unit to Mountain Province to engage in guerilla warfare.

            The Japanese advance had also isolated the provincial Government of Bontoc. The provincial treasurer was able to meet financial obligations by issuing checks, but it was obvious the supply of checks would soon run out.

            On January 24, 1942 the Provincial Board adopted Resolution No. 5 which established a Currency Committee, in accordance with instructions by President Quezon, with authority to print 300,000 pesos in emergency currency.

            The Currency Committee considered of Acting Provincial Governor Roque Perido as Chairman, with Assistant Provincial Treasurer Ambrosio Vallejo and Provincial Auditor Lupo Guzman as members (President Quezon’s instructions had designated the Provincial Treasurer as the member of the committee, but since he was absent from the province he could not serve although his name does appear on the currency.)

            The Committee arranged for currency printing by the Mission Press at Saint Mary the virgin Mission in Sagada, with delivery by the end of the month. The first printing was actually amounted to 96,070.35 pesos.

            In late January 1942 as the Japanese approached Bontoc, the provincial government moved to Lubuagan. The Japanese occupied Bontoc on February 2, but were forced to withdraw south later. The provincial government returned to Bontoc and a second printing of currency got underway. The Provincial Board by Resolution No.6 increase the authorized amount to 500,000 pesos.

            With the fall of Bataan the Japanese were able to deploy large forces for mopping up operations and the provincial government once again moved to Lubuagan. The Currency Committee destroyed just under 200,000 pesos currency which had not yet been returned over to the Treasury. The provincial government then evacuated Lubuagan for a remote area.

            Of the 500,000 pesos authorized, 307,902.90 pesos were delivered to the Provincial Treasury. Of this amount 265,756.90 pesos were place in circulation. The balance of 42,146 pesos remained unissued in the Treasury until it was looted during an American bombing attack on March 16, 1945. 

Mountain Province is a landlocked province of the Philippines in the Cordillera Administrative Region in Luzon. Its capital is Bontoc and borders, clockwise from the south, Ifugao, Benguet, Ilocos Sur, Abra, Kalinga, and Isabela.

Mountain Province is the full name of the province and is sometimes incorrectly named just Mountain in some foreign references. The name is also incorrectly shortened by locals to Mt. Province, which in turn is read by native Anglophones as "Mount Province". The province is named that way because it is found in the Cordillera Central mountain range of north central Luzon.

Mountain Province was also the name of the historical province that included most of the current Cordillera provinces. This old province was established by the Americans in 1908 and was later split in 1966 into Mountain Province, Benguet, Kalinga-Apayao and Ifugao.

ON GRADING

The grade I gave is just my opinion and may differ from others. Grading is subjective and not an exact science. Please take a look at the photo and grade it accordingly. Several subjective factors of personal preference may be considered different by others. These include paper texture, quality, color, folds, markings, stains and overall eye appeal.

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