Brief History of Philippine Money

Brief History of Philippine Money
 Prior to the introduction of a formal currency, trade in the Philippines was

performed using a barter system, and later on “piloncitos” (small pieces of gold)
and gold barter rings.
 The Spanish introduced coins to the Philippines when they colonized the country
in 1521. However, the coins used by Filipino people were minted in various
Spanish countries around the world, leading to major inconsistencies in purity
and weight.
 In 1861, the first mint was established in order to standardized coinage.
 After the Philippines gained independence in 1898, the country’s first local
currency was introduced, replacing the Spanish-Filipino Peso.
 The United States captured the Philippines in 1901, and established a new unit
of currency that was pegged to exactly half of a US Dollar in 1903.
 During World War II, the Philippines was occupied by Japan, and new notes
were introduced yet again.
 The Central Bank of the Philippines was established in 1949, leading to the
reintroduction of a formal Filipino currency.
Pre-Hispanic Era Trade
Among the early Filipinos and with traders from the neighbouring islands was
conducted through barter. The inconvenience of barter later led to the use of some
objects as medium of exchange. Gold, which was plentiful in many parts of the islands,
invariably found its way into these objects that included the piloncitos, small bead-like
gold bits considered by the local numismatists as the earliest coin of the ancient
Filipinos, and gold barter rings.
Spanish Era (1521-1897)
Three hundred years of Spanish rule left many indelible imprints on Philippine
numismatics. At the end of the Spanish regime, Philippine money was a multiplicity of
currencies that included Mexican pesos, Alfonsino pesos and copper coins of other
currencies.
The cobs or macuquinas of colonial mints were the earliest coins brought in by
the galleons from Mexico and other Spanish colonies. The silver dos mundos or pillar
dollar is considered one of the world’s most beautiful coins. The barilla, a crude bronze
or copper coin worth about one centavo, was the first coin struck in the country.
Coins from other Spanish colonies also reached the Philippines and were
counterstamped. Gold coins with the portrait of Queen Isabela were minted in Manila.
Silver pesos with the profile of young Alfonso XIII were the last coins minted in Spain.
The pesos fuertes, issued by the country’s first bank, the El Banco Espanol Filipino de
Isabel II, were the first paper money circulated in the country.
Revolutionary Period (1898-1899)

Asserting its independence, the Philippine Republic of 1898 under General
Emilio Aguinaldo issued its own coins and paper currency backed by the country’s
natural resources.
One peso and five peso notes printed as Republika Filipina Papel Moneda de Un
Peso and Cinco Pesos were freely circulated. 2 centimos de peso copper were also
issued in 1899.
The American Period (1900-1941)
The Americans instituted a monetary system for the Philippine based on gold and
pegged the Philippine peso to the American dollar at the ratio of 2:1. The US Congress
approved the Coinage Act for the Philippines in 1903.
The coins issued under the system bore the designs of Filipino engraver and
artist, Melecio Figueroa. Coins in denomination of one-half centavo to one peso were
minted. The renaming of El Banco Espanol Filipino to Bank of the Philippine Islands in
1912 paved the way for the use of English from Spanish in all notes and coins issued up
to 1933. Beginning May 1918, treasury certificates replaced the silver certificates series,
and a one-peso note was added.
The Japanese Occupation (1942-1945)

The outbreak of World War II caused serious disturbances in the Philippine
monetary system. Two kinds of notes circulated in the country during this period. The
Japanese Occupation Forces issued war notes in big denominations. Provinces and
municipalities, on the other hand, issued their own guerrilla notes or resistance
currencies, most of which were sanctioned by the Philippine government in-exile, and
partially redeemed after the war.
The Philippine Republic
A nation in command of its destiny is the message reflected in the evolution of

Philippine money under the Philippine Republic. Having gained independence from the
United States following the end of World War II, the country used as currency old
treasury certificates overprinted with the word “Victory”.
With the establishment of the Central Bank of the Philippines in 1949, the first
currencies issued were the English series notes printed by the Thomas de la Rue & Co.,
Ltd. in England and the coins minted at the US Bureau of Mint. The Filipinazation of the
Republic coins and paper money began in the late 60’s and is carried through to the
present. In the 70’s, the Ang Bagong Lipunan (ABL) series notes were circulated, which
were printed at the Security Printing Plant starting 1978. A new wave of change swept
through the Philippine coinage system with the flora and fauna coins initially issued in
1983. These series featured national heroes and species of flora and fauna. The new
design series of banknotes issued in 1985 replaced the ABL series. Ten years later, a
new set of coins and notes were issued carrying the logo of the Bangko Sentral ng
Pilipinas.

Brief History of Philippine Money

Uploaded by

Copyright:

Available Formats

Brief History of Philippine Money

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Brief History of Philippine Money

Uploaded by

Copyright:

Available Formats

Brief History of Philippine Money

 Prior to the introduction of a formal currency, trade in the Philippines was

Pre-Hispanic Era Trade

Revolutionary Period (1898-1899)

The American Period (1900-1941)

The Japanese Occupation (1942-1945)

The Philippine Republic

A nation in command of its destiny is the message reflected in the evolution of

You might also like