LANGATO, JUSTIN RON, A,

SEPT. 18, 2012

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.

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. *The above information is quoted from the Bangko Sentral ng Pilipinas website

New Philippine Peso Bills (Bank Notes)

Younger faces for the personalities were used in these latest Philippine Peso Bills. The Philippine Peso bills reverse sides were all changed to feature a landmark, an animal and indigenous designs. Colors for the most part were retained.

The new 20 peso honors President Manuel L. Quezon, the first elected Philippine President who advocated the adoption of a National Language and worked tirelessly to gain back Philippine Independence.

20 peso bill picture

In the front of the 20 peso bill is the younger face of former president Manuel L. Quezon

20 peso bill picture

At the back (sa likod) of the 20 peso gets the Banaue Rice Terraces, a palm civet and a weave from the Cordilleras.

On the reverse of the 20 pesos is the image of the breathtaking Banaue Rice Terraces which have been declared a "World Heritage Site". It also features Palm Civet of Cordilleras that produce one of the best variety of coffee in the world, the "Alamid Coffee

The 50 peso commemorates President Sergio Osmea who led the Philippines during the critical stage of the end of World War II as well as Philippine transition to a new independent nation.

50 peso bill
In the front of this 50 peso bill is the face of Sergio Osmea

50 peso bill
In the reverse side (back) of the 50 peso bill are the Taal lake, a Giant Trevally fish and embroidery from Batangas

On the reverse the 50 peso bill is the Taal Lake, home of the "World's Smallest Active Volcano" and the "Maliputo Fish" that is unique to the place.

The 100 peso pays tribute to President Manuel Roxas who prioritized the crafting of a Central Bank charger and provided a leadership for the reconstruction of the country from the devastation of the second World War.

100 peso bill

In the front of the 100 peso bill is the face of Manuel A. Roxas

100 peso bill

At the back of the 100 peso bill are Mayon volcano, a whale shark and an indigenous textile detail from Bicol

In the reverse side of the 100 peso bill, features the near-perfect cone-shape Mayon Volcano and the "Butanding" or whale shark, the largest living fish species in the world today.

The 200 peso is a salute to President Diosdado Macapagal who started land reform and restore the celebration of Philippine Independence to June 12.

200 peso bill

In the front of the 200 peso bill is the face of Diosdado P. Macapagal

200 peso bill

At the back of the 200 peso bill are the Chocolate Hills, a Philippine tarsier and a design from the Visayas

In the reverse side of 200 peso bill are the unique icons of Bohol, the "Chocolate Hills" and the "Tarsier".

The 500 peso celebrates the champions of Philippine democracy. Senator Benigno Aquino Jr. who stood up against Marshal Law and President Corazon Aquino, the first Philippine Women President who restore democracy after the historic and peaceful People Power Revolution.

500 peso bill

In the front of the 500 peso bill are the parents of President Benigno Aquino III. Old faces were maintained with the late former president, Corazon C. Aquino, the only new addition. She joined her husband, the late former senator Benigno "Ninoy" Aquino, Jr

Picture of 500 peso bill

At the back of the 500 peso bill are the Subterranean River National Park in Palawan, a blue-naped parrot and a woven cloth design from the Southern Philippines The P500 bill is historic as it features three Aquinos: the two democracy icons and the signature of their son, President Benigno S. C. Aquino III, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said at the launch in Malacaang.

The reverse side of the 500 peso bill features the 8 kilometer Puerto Princesa Subterranean River National Park, declared in 1999 as a "UNESCO World Heritage Site".

Finally, the new 1000 peso honors the Philippine War heroes. Chief Justice Jose Abad Santos who was murdered for refusing to cooperate with the Japanese forces. Girl Scout of the Philippines founder, Josefa

LLanes Escoda, educator, advocate of women suffrage and civic leader who showed extraordinary courage by helping prisoners of war. Brigade General Vicente P. Lim, the first Filipino Westpoint graduate who directed guerrilla activities even in his hospital bed.

Picture of 1000 peso bill

In the front side of the 1,000 peso bill are the Girls Scouts of the Philippines founder Josefa Llanes Escoda, first Filipino West Point graduate Vicente P. Lim and former Chief Justice Jose Abad Santos .

Picture of 1000 peso bill

The reverse side of the 1,000 peso bill are the Tubbataha Reef Marine Park in Sulu, the Pinctada maxima oyster, and a tinalak design from Mindanao.

Other features are the "Tubbataha Reefs National Marine Park", declared by UNESCO as a "World Heritage Site" in 1993 and world famous "South Sea Pearl".

Read more: http://www.affordablecebu.com/load/philippine_government/new_peso_bills_in_the_philippines/51-0-236#ixzz26jkVSig8