Professional Documents
Culture Documents
History of Philippine Money PDF
History of Philippine Money PDF
| AR504
ECON 1N – PROF. MEL ACOMULAR, JR.
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.
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.
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 country’s first bank, the El Banco
Espanol Filipino de Isabel II, were the first paper money circulated in the country.
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.
Page | 1
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.
Page | 2
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.
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.
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.
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.
Page | 3
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
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.
Page | 4
Philippine Coinage
Pre - Hispanic Coinage
Barter Ring
Shells
Piloncitos
Ten Centavo Coin
Pilipino Series (1972)
Page | 5