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The pound was one of several issues of Japanese invasion money used during World War II. One pound was subdivided into 20 shillings. Consisting of only four denominations, the Oceanian pound was the shortest set (i.e., total number of denominations) issued. Only notes for £1, 10/–, 1/– and 1/2/– were issued.
The currency was issued in the occupied territories of Guam, Gilbert Islands and Ocean Island (Japanese occupation of the Gilbert Islands), Caroline Islands, Marianas Islands, Solomon Islands, Palau, and the now defunct Territory of New Guinea. Although officially called "Oceania" the region was considered a financial and currency union under Japanese colonial dominion that included several political jurisdictions rather than a single polity.