VILLANUEVA, MARIUS MARION G.

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ECON 1N PROF. MEL ACOMULAR, JR.
History of Philippine Money
Philippine moneymulti-colored threads woven into the fabric of our social, political
and economic life. From its early bead-like form to the paper notes and coins that
we know today, our money has been a constant reminder of our journey through
centuries as a people relating with one another and with other peoples of the world.
Pre-Hispanic Era
Trade among the early Filipinos and with traders from
the neighboring 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-likeb 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 worlds 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 countrys 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 countrys 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.

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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 onepeso 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 60s and is carried through to the present. In the 70s, 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.
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Pre-Hispanic Era
Long before the arrival of the Spaniards, the Philippines has been home to many
seafaring communities. These communities traded (barter) with
other
communities and countries such as Malaysia, Vietnam, China
and even as far as India.
Chinese Ming Dynasty porcelains and metalware have
been unearthed in several locations in the Philippines.
Early
Pinoys bartered goods like pearls, gold pieces and medicinal plants for foreign
goods like metalware, porcelain and silk.
The earliest form of coinage (money) in our country were gold beads, referred to
as piloncitos. Barter rings and other gold pieces were also used in commerce.
Piloncitos- small bead-liked gold bits considered by the local numismatists as the
earliest coin of the ancient Filipinos, and gold barter rings. The term piloncito comes
from the word pilon, a local sugar container that resembles the coin.
Spanish Era Coins
Barillas
SAMPALOC BARILLA

The SAMPALOC BARILLA is perhaps the most unusual coin of the Philippines in terms
of shape. It is cast in lead and is one of the rarest among the barillas. SAMPALOC
BARILLAS first appeared when it was excavated during a river widening project in
the province of Laguna. Only about 2 to 3 specimen are believed to have been
found.
BARILLA. 1728 BASSO.1

Cast uniface barila with arms of Manila stamped in center. VERY RARE. According to
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the Central Bank of the Philippines Quarterly Vol. II #1, this type was unknown until
1948 when the first specimen was found in the ruins of an old building in Sto.
Tomas.

BARILLA. 1766 CARLOS III KM--1-1 TYPE - II

Copper Barilla. 1766. Manila Mint. Carlos III (1759-1788). KM-1. Cal-1869.
(Bowers & Merena) Pontiero & Associates 2009 Sale #149 Lot #3335
Price Realized = $1350
1766 BARILLA CARLOS III KM-1-2 TYPE II

1766 BARILLA TYPE II

The Type II Barilla appears to be well-struck compared to the Type I Barilla with the
tail of the Merlion swaying on the left side rather on the right side of the 1766
Barilla Type I. The "castle tower" of the 1766 Barilla Type I has a raised left side
veranda compared to the uniform "castle tower" of the Barilla Type II.
REALIZED PRICE = $2530

One Peso Coin

Pilipino Series (19671974)
Obverse: Jose Rizal,
"Piso", "1"
Reverse: seal of the
Republic of the
Philippines, "Bangko
Sentral", year mark
Shape: round
Edge: reeded

Fifty Centavo Coin

Pilipino Series (1972)
Obverse: Marcelo H. del
Pilar, "Limampung
Sentimos", "50"
Reverse: Seal of the
Philippines, "Republika ng
Pilipinas", year mark
Shape: round
Edge: reeded
Diameter: 27.0 mm

Twenty-five Centavo Coin

Pilipino Series (1967)
Obverse: Juan Luna,
Ten Centavo
Coin Limang
"Dalawampu't
Pilipino
Series
Sentimos"(1972)
Reverse: Seal of the
One Centavo
Coin Baltasar, "Sampung
Obverse:
Francisco
Republic of the
Pilipino
Series
(1967)
Sentimos"
References:
Philippines,
"Republika
Five
Centavo
Coin
Reverse: seal of the Republic of the
ng
Pilipinas",
year
mark
Obverse:
Lapulapu,
"Isang
Sentimo"year
Pilipino
Series
(1974)
http://coin.filipinonumismatist.com/200
Philippines,
"Republika
ng Pilipinas,
Reverse:
Seal
of
the
Republic
of the
9/04/pre-hispanic-coinage-barter-ringmark
Obverse:
Melchora
"Limang year
Shape:
round Aquino,
Philippines,
"Republika
ng
Pilipinas".
shells.html
Sentimos"
Edge: reeded Page | 4
mark
Shape: round
Reverse:
Seal of
Republic of the
Diameter:
21the
mm
Shape:
round
http://bsp-gov.ph/history_currency.html
Edge: reeded
Philippines,
Edge: plain "Republika ng Pilipinas", year
mark
http://www.kartonista.com/art/historyDiameter: 10 mm

Philippine Coinage
Pre - Hispanic Coinage
Barter Ring
Shells
Piloncitos

Spanish Era Coins

Barilla
King Carlos III (Carolus III)
King Carlos IV (Carolus IIII)
King Ferdinand VII (Ferdin VII)
Queen Isabela II (Isabel II)
King Alfonso XII (Alfonso XII)
King Alfonso XIII (Alfonso XIII)

Revolutionary Coinage
(Katipunan)
Malolos Republic
Aguinaldo
United States - Philippine
Coinage
Introduction
Philadelphia Mint
San Francisco Mint
Manila Mint
Denver Mint
Culion Leper Colony

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