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    The Philippine Money

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    Elaine Lugtu
    Pre-Hispanic Filipinos used a barter system and cowry shells as a medium of exchange before the Spanish arrival in 1521. Naturally rich in gold, early Filipinos also used gold rings and Piloncitos coins resembling 11th century Javanese coins in trade. Under Spanish rule from 1521-1897, Mexican and Spanish coins circulated along with the first locally produced copper coins, barrillas. Revolutionary banknotes issued from 1898-1899 were withdrawn after American occupation began in 1900. Modern banking systems were established under U.S. rule, with coins and notes issued until Japanese occupation during World War II disrupted the monetary system. Philippine independence after 1945 saw new currencies issued under a Central Bank

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    The Philippine Money

    Uploaded by

    Elaine Lugtu
    417 views5 pages
    Pre-Hispanic Filipinos used a barter system and cowry shells as a medium of exchange before the Spanish arrival in 1521. Naturally rich in gold, early Filipinos also used gold rings and Piloncitos coins resembling 11th century Javanese coins in trade. Under Spanish rule from 1521-1897, Mexican and Spanish coins circulated along with the first locally produced copper coins, barrillas. Revolutionary banknotes issued from 1898-1899 were withdrawn after American occupation began in 1900. Modern banking systems were established under U.S. rule, with coins and notes issued until Japanese occupation during World War II disrupted the monetary system. Philippine independence after 1945 saw new currencies issued under a Central Bank

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    history of the Philippine money

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    Pre-Hispanic Filipinos used a barter system and cowry shells as a medium of exchange before the Spanish arrival in 1521. Naturally rich in gold, early Filipinos also used gold rings and Piloncitos coins resembling 11th century Javanese coins in trade. Under Spanish rule from 1521-1897, Mexican and Spanish coins circulated along with the first locally produced copper coins, barrillas. Revolutionary banknotes issued from 1898-1899 were withdrawn after American occupation began in 1900. Modern banking systems were established under U.S. rule, with coins and notes issued until Japanese occupation during World War II disrupted the monetary system. Philippine independence after 1945 saw new currencies issued under a Central Bank

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    417 views5 pages

    The Philippine Money

    Uploaded by

    Elaine Lugtu
    Pre-Hispanic Filipinos used a barter system and cowry shells as a medium of exchange before the Spanish arrival in 1521. Naturally rich in gold, early Filipinos also used gold rings and Piloncitos coins resembling 11th century Javanese coins in trade. Under Spanish rule from 1521-1897, Mexican and Spanish coins circulated along with the first locally produced copper coins, barrillas. Revolutionary banknotes issued from 1898-1899 were withdrawn after American occupation began in 1900. Modern banking systems were established under U.S. rule, with coins and notes issued until Japanese occupation during World War II disrupted the monetary system. Philippine independence after 1945 saw new currencies issued under a Central Bank

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    History of Philippine Money

    Pre-Hispanic Era
    Long before the Spaniards came to the Philippines in 1521, the Filipinos had
    established trade relations with neighboring lands like China, Java, Borneo, Thailand
    and other settlements. Barter was a system of trading commonly practiced
    throughout the world and adopted by the Philippines. The inconvenience of the
    barter system led to the adoption of a specific medium of exchange the cowry
    shells. Cowries produced in gold, jade, quartz and wood became the most common
    and acceptable form of money through many centuries.
    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.
    Barter rings made from pure gold, were hand fashioned by early Filipinos during the
    11th and the 14th centuries. These were used in trading with the Chinese and other
    neighboring countries together with the metal gongs and other ornaments made of
    gold, silver and copper.

    Spanish Era
    1521-1897
    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
    by order of the Spanish government. These were the first crude copper or bronze
    coins locally produced in the Philippines. The Filipino term barya, referring to small
    change, had its origin in barrilla.
    In the early part of the 19th century, most of the Spanish colonies in Central and
    South America revolted and declared independence from Spain. They issued silver
    coins bearing revolutionary slogans and symbols which reached the Philippines. The
    Spanish government officials in the islands were fearful that the seditious markings
    would incite Filipinos to rebellion. Thus they removed the inscriptions by counter
    stamping the coins with the word F7 or YII. Silver coins 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 Espaol Filipino de Isabel II, were the first paper
    money circulated in the Philippines.

    Revolutionary Period
    1898-1899
    General Emilio Aguinaldo, the first Philippine president, was vested with the
    authority to produce currencies under the Malolos Constitution of 1898. At the
    Malolos arsenal, two types of two-centavo copper coins were struck. Revolutionary
    banknotes were printed in denominations of 1,5 and 10 Pesos. 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
    1900-1941
    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 monetary system for the Philippines was 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 Filipinization
    of the Republic coins and paper money 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 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.
    As the repository and custodian of country's numismatic heritage, the Museo ng
    Bangko Sentral ng Pilipinas collects, studies and preserves coins, paper notes,
    medals, artifacts and monetary items found in the Philippines during the different
    historical periods. It features a visual narration of the development of the Philippine
    economy parallel to the evolution of its currency.

    Reference:
    http://bsp-gov.ph/history_currency.html

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