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    Task 4 Graphic Organizer

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    Danielle Ugay
    The document summarizes the different forms of money used in the Philippines during different historical periods: 1) In the pre-Hispanic era, barter and cowry shells were commonly used as money. Gold was also used to make coins called Piloncitos. 2) During the Hispanic era, Spanish coins like cob and dos mundos circulated. The first coins minted in the Philippines were crude copper coins called barrillas. 3) In the Revolutionary period, the Philippine Republic issued its own coins and paper money backed by the country's resources. 4) Under American rule, the monetary system was modernized and pegged to the US dollar. Coins and notes were issued

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    Task 4 Graphic Organizer

    Uploaded by

    Danielle Ugay
    87 views3 pages
    The document summarizes the different forms of money used in the Philippines during different historical periods: 1) In the pre-Hispanic era, barter and cowry shells were commonly used as money. Gold was also used to make coins called Piloncitos. 2) During the Hispanic era, Spanish coins like cob and dos mundos circulated. The first coins minted in the Philippines were crude copper coins called barrillas. 3) In the Revolutionary period, the Philippine Republic issued its own coins and paper money backed by the country's resources. 4) Under American rule, the monetary system was modernized and pegged to the US dollar. Coins and notes were issued

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    The document summarizes the different forms of money used in the Philippines during different historical periods: 1) In the pre-Hispanic era, barter and cowry shells were commonly used as money. Gold was also used to make coins called Piloncitos. 2) During the Hispanic era, Spanish coins like cob and dos mundos circulated. The first coins minted in the Philippines were crude copper coins called barrillas. 3) In the Revolutionary period, the Philippine Republic issued its own coins and paper money backed by the country's resources. 4) Under American rule, the monetary system was modernized and pegged to the US dollar. Coins and notes were issued

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    87 views3 pages

    Task 4 Graphic Organizer

    Uploaded by

    Danielle Ugay
    The document summarizes the different forms of money used in the Philippines during different historical periods: 1) In the pre-Hispanic era, barter and cowry shells were commonly used as money. Gold was also used to make coins called Piloncitos. 2) During the Hispanic era, Spanish coins like cob and dos mundos circulated. The first coins minted in the Philippines were crude copper coins called barrillas. 3) In the Revolutionary period, the Philippine Republic issued its own coins and paper money backed by the country's resources. 4) Under American rule, the monetary system was modernized and pegged to the US dollar. Coins and notes were issued

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Danielle Kate Roan Ugay Monetary Policy Blk3

    BSBA FM 2 October 19, 2022


    TASK 4: Graphic Organizer of Philippine Money

    Period Money during the Period


    Pre-hispanic Era The Spaniards came to the Philippines, trade among the early
    Filipinos and with traders from the neighboring lands like China, Java,
    Borneo, and Thailand was conducted through barter. The inconvenience
    of the barter system led to the adoption of a specific medium of
    exchange. Cowries produced in gold, jade, quartz and wood became the
    most common and acceptable form of money through many centuries.

    Since the Philippines is naturally rich in gold, it was used in ancient


    times for barter rings, personal adornment, jewelry, and the first local
    form of coinage called Piloncitos. These had a flat base that bore an
    embossed inscription of the letters “MA” or “M” similar to the Javanese
    script of the 11th century. It is believed that this inscription was the name
    by which the Philippines was known to Chinese traders during the pre-
    Spanish time.
    Hispanic Era The cobs or macuquinas of colonial mints were the earliest coins
    brought in by the galleons from Mexico and other Spanish colonies. These
    silver coins usually bore a cross on one side and the Spanish royal coat-of-
    arms on the other.

    The Spanish dos mundos were circulated extensively not only in the
    Philippines but the world over from 1732-1772. Treasured for its beauty
    of design, the coin features twin crowned globes representing Spanish
    rule over the Old and the New World, hence the name “two worlds.” It is
    also known as the Mexican Pillar Dollar or the Columnarias due to the two
    columns flanking the globes.

    Due to the shortage of fractional coins, the barrillas, were struck in the
    Philippines as ordered by the Royalty of Spain. The barrilla, a crude bronze
    or copper coin worth about one centavo, was the first coin struck in the
    country. The Filipino term “barya”, referring to small change, had its
    origin in barrilla.

    Coins from other Spanish colonies also reached the Philippines and were
    counterstamped to legalize their circulation in the country. 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 Asserting its independence, the Philippine Republic of 1898 under General
    Period Emilio Aguinaldo issued its own coins and paper currency backed by the
    country’s natural resources. At the Malolos arsenal, two types of two-
    centavo copper coins were struck. One peso and five peso revolutionary
    notes printed as Republika Filipina Papel Moneda de Un Peso and Cinco
    Pesos were freely circulated. These were handsigned by Pedro Paterno,
    Mariano Limjap and Telesforo Chuidian. With the surrender of General
    Aguinaldo to the Americans, the currencies were withdrawn from
    circulation and declared illegal currency.

    American Period With the coming of the Americans 1898, modern banking, currency and
    credit systems were instituted making the Philippines one of the most
    prosperous countries in East Asia. 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
    Japanese The outbreak of World War II caused serious disturbances in the
    Occupation Philippine monetary system. Two kinds of notes circulated in the country
    during this period. The Japanese Occupation Forces issued war notes in
    high denominations. These war notes had no back up reserves, thus,
    Filipinos dubbed it “Mickey Mouse” money. During the worst inflation in
    Philippine history, Filipinos would go to the market laden with bayongs of
    Mickey Mouse bills, since one duck egg cost 75 pesos, and a box of
    matches more than 100 pesos.

    On the other hand, Guerrilla Notes or Resistance Currencies which are in


    low denominations, were issued by different provinces and, in some
    instances, municipalities through their local currency boards to show
    resistance against the Japanese occupation.
    Philippine A nation in command of its destiny is the message reflected in the
    Republic up to evolution of Philippine money under the Philippine Republic. Having
    gained independence from the United States following the end of World
    present
    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 “F ilipinization” of the Republic coins and notes
    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
    Coin Series initially issued in 1983. 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.

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