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 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 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 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.

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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 (1967-1974)
Obverse: Jose Rizal, "Piso", "1"
Reverse: seal of the Republic of
the Philippines, "Bangko
Sentral", year mark
Shape: round
Edge: reeded
Diameter: 33 mm
Material: Copper-Nickel

Fifty Centavo Coin

Pilipino Series (1972)

Twenty-five Centavo Coin

Pilipino Series (1967)

Obverse: Marcelo H. del Pilar,

"Limampung Sentimos", "50"
Reverse: Seal of the Philippines,
"Republika ng Pilipinas", year mark

Obverse: Juan Luna,

"Dalawampu't Limang
Sentimos"
Reverse: Seal of the Republic of
the Philippines, "Republika ng
Pilipinas", year mark

Shape: round
Edge: reeded
Diameter: 27.0 mm

Shape: round
Edge: reeded
Diameter: 21 mm

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Philippine Coinage
Pre - Hispanic Coinage
Barter Ring
Shells
Piloncitos

Ten Centavo Coin

Pilipino Series (1972)
Obverse: Francisco Baltasar, "Sampung Sentimos"
Reverse: seal of the Republic of the Philippines,
"Republika ng Pilipinas, year mark

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)

Shape: round
Edge: reeded
Diameter: 17.5 mm

Revolutionary Coinage (Katipunan)

Malolos Republic
Aguinaldo

Five Centavo Coin

Pilipino Series (1974)
Obverse: Melchora Aquino, "Limang Sentimos"
Reverse: Seal of the Republic of the Philippines,
"Republika ng Pilipinas", year mark
Shape: round
Edge: plain

United States - Philippine Coinage

Introduction
Philadelphia Mint
San Francisco Mint
Manila Mint
Denver Mint
Culion Leper Colony

One Centavo Coin

Pilipino Series (1967)
Obverse: Lapulapu, "Isang Sentimo"
Reverse: Seal of the Republic of the Philippines,
"Republika ng Pilipinas". year mark
Shape: round
Edge: plain
Diameter: 10 mm
Material: aluminum

References:
http://coin.filipinonumismatist.com/2009/04/prehispanic-coinage-barter-ring-shells.html
http://bsp-gov.ph/history_currency.html
http://www.kartonista.com/art/history-ofphilippine-money.html
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