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History of Philippine Money
Transcript of History of Philippine Money
History of Philippine Money
Philippine money–multi-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.
Spanish Era (1521-1897)
1903 US Philippine silver coin
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.
which was plentiful in many parts of the islands, invariably found its way into these objects that included the
small bead-like gold
Manila became the trading center of oriental goods under the Spanish rule. The Galleon Trade, which started during the colonization of the Philippines in 1565 and lasted for 250 years was responsible for transforming. Manila became the trading center of oriental goods under the Spanish rule. These were brought across the Pacific, in exchange for odd-shaped silver coins called
. Other coins that followed were the
in silver, the counterstamped coins and the portrait series. All made of silver, slowly replaced the gold beads.
Due to the shortage of fractional coins, the Royalty of Spain authorized the production of copper coins by the
Municipality of Manila
. In 1728, the first copper coins called
, the first bank notes, were circulated in 1852. In 1861,
Casa de Moneda de Manila
minted the first gold coins called
. Both of these gold coins are inscribed with the word "Filipinas."
The American Regime
In 1901, America defeated Spain and took over the country. The Philippine Coinage Act was passed by the US Congress. It authorized the production of silver coins from 1903 to 1912. These coins were minted from the Philadelphia, San Francisco and Denver mints. The coin was designed by a young Filipino artist named Melecio Figueroa.
Silver certificates were issued until 1918, later replaced with Treasury Certificates from 1918 to 1935. Because of high cost of minting and transportation, the American government decided to re-open the Manila mint in 1920. The mint produced coins until the Commonwealth government.
Notable coins during this period are those issued for use within the Culion Leper Colony.
During the Japanese occupation, two types of notes were circulated:
invasion money issued by the Japanese government and the
notes issued by Filipino guerillas.
In 1949, the Central Bank of the Philippines was created through the Republic Act No. 265.
PLAY THE VIDEO OF FULL EVOLUTION OF PHILIPPINE MONEY
Word War II
The English Series, the CBP's first official banknotes, was issued in 1951. It was followed by the Pilipino Series in 1967, the Ang Bagong Lipunan Series in 1973 and the New Design Series in 1985.
English Series coins were introduced in 1959, followed by the Pilipino Series in 1967, the Ang Bagong Lipunan Series in 1975. The Flora and Fauna Series was introduced in 1983. An improved version was circulated in 1992. All of these series were demonitized in 1998.