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EVOLUTION OF PHILIPPINE MONEY
Transcript of EVOLUTION OF PHILIPPINE MONEY
MEASURES OF CENTRAL TENDENCY
Dr. Gilbert Perez
~ discovered the first coin in our country – the Piloncitos
first Spanish coin, bore in the Face of Queen Isabela of Spain
KINDS OF MONEY
~ this means that a particular kind standard money used in the country. It is a type of money issued in circulation by the government. ‘system’ or ‘framework’ that controls or facilitates the movement of money
1. Commodity standard
~ the first coin produced in the Philippines during the Spanish regime (government)
~ the most beautiful coin designs ever produced.
~ It was first minted in Mexico during the reign of Philip V.
El Banco Espanol-Filipino de Isabela II
~ Considered as the first bank that was established in the Philippines. PESOS FUERTES, the first paper money issued by this bank.
Philippine Coinage Act of 1902Japanese Era
~ the act that approved the use of gold exchange in our country
~ time when a huge amount of money in the circulation caused a high level of inflation
~ established after the El Banco Espanol-Filipino de Isabela II
in the year 1949
~ this bank issued paper money in the different denominations like 1, 2, 5, 10, 20, 50 and 100 peso bills that showed the pictures of our heroes.
Paper money in the different denominations
Jose Rizal – 1 peso bill
Andres Bonifacio – 5 peso bill
Apolinario Mabini – 10 peso bill
Manuel L. Quezon – 20 peso bill
Sergio Osmena – 50 peso bill
Manuel Roxas – 100 peso bill
“All of these currencies had the mark of ANG BAGONG LIPUNAN”
1. Commodity Money- these are anything which were used by our forefathers as a medium of exchange
2. Fiat Money
- money which has no intrinsic value
- LEGAL TENDER, means the government guarantees the use of the money in all kinds of transactions, like payment of debt and in buying goods and services.
3. Credit Money
~ it refers to any credit instrument accepted as payments for
products and services consumed by an individual.
~ it is also used as payment for any debt and obligations
Kinds of Monetary Standard
1. Commodity standard
2. Non-commodity standard
- According to Merriam dictionary, monetary standard in which the medium of exchange consists of one or more economic goods
a. Gold standard
- a country is under this standard when the money in the circulation or the standard money is redeemed and has equivalent in gold.
In the United State, there is this used of gold coin standard and gold bullion standard.
Aside from these two types of gold standard is the GOLD-EXCHANGE STANDARD.
According to Encyclopedia Britannica, this type of gold standard is said to be
monetary system under which a nation’s currency may be converted into
bills of exchange drawn on a country whose currency
is convertible into gold at a stable rate of exchange.
Because of this type of standard, GOLD RESERVE FUND was established in the Philippines.
b. Silver Standard
- this standard consists of two types: the silver coin standard and silver bullion standard. This monetary unit under the two types is redeemable and has an equivalent in silver.
2. Non-commodity standard
- the government opted for an alternative in using monetary standard because of the high value and cost of metal.
a. Paper Standard
- it is about of the issuance of paper money in circulation
regardless of metal equivalent.
- A country's official, paper currency that is circulated for transaction-related purposes.
- The printing of paper money is typically regulated by a country's central bank/treasury in order to keep the flow of money in line with monetary policy.
- Paper money tends to be updated with new versions that contain security features that seek to make it more difficult for counterfeiters to create illegal copies.
TRIVIA: The first recorded use of paper money was believed to be in China during the 7th century A.D. as a means of reducing the need to carry heavy and cumbersome strings of metallic coins to conduct transactions.