Laws Related to our Philippine Monetary

System
BASIC FINANCE

Professor: Genese Mariel S. Chua, MBA, RCA, MICB

 Learning Objectives
1. Show appreciation of the laws enacted for
the development of one own monetary.

2. Show Philippine coinage from the earliest

Pre-Historic period to just before World War
II
 Other Laws related to the
Philippine Monetary System

1. Philippine Coinage Act of 1903.

This defines monetary system as follows:
 That gold coins contain 12.9 grains of gold
and .9 fineness
 Silver coin contain 416 grains of silver and
9 fineness.
 Other Laws related to the
Philippine Monetary System

2. U.S. Coinage Act of 1903.

Philippine money was redeemable in drafts
of checks payable in full gold standard
currency. In order to maintain value of peso
with gold, a currency reserve fund known as
“Gold Standard Fund” was set up.
 Other Laws related to the
Philippine Monetary System

3. Gold Reserve Act of 1934.

Under this monetary standard the Philippine
currency was not redeemable in gold but in
dollars. Dollars devaluated by forty-one
percent, and US government was given the
title to all gold coins, bullion and certificates
held by Federal Reserve Banks.
 Other Laws related to the
Philippine Monetary System

4. Dollar Exchange Standard

Philippine currency was redeemable in dollar
instead of gold. Currency issued was backed
up by silver coins, and dollars, in demand.
 Other Laws related to the
Philippine Monetary System

5. “Mickey Mouse” Notes.

The Japanese military government issued
paper bills called “mickey mouse” notes, not
because they were legal tender but because
of fear from authorities on ground of non-
cooperation. From 1946 to 1949, money
supply increased tremendously.
 Other Laws related to the
Philippine Monetary System

6. Managed Currency System

With the creation of Central Bank, the country’s
monetary system and banking system were
reorganized. Central Bank Act, known as
Republic Act No. 265 was enacted. This placed
bank in better position to meet the credit needs
of existing business enterprises and credit
requirements for new development projects.
PRE-HISPANIC COINAGE
800 - 1521
 EARLY COPPER COINAGE, 1728 -1835
A bronze or copper 1728 Barrilla (32 mm). Later dates are known to exist, particularly
1766, which has been referred to in historical documents. Earlier dates and similar
specimens in lead or other base metal have been reported.
EARLY COPPER COINAGE, 1728 -1835

Top of photo shows a uniface

(design on one side) copper
piece called CONDIN (30 mm)
stamped with the full seal of the
City of Manila.
The lower row shows the
obverse and reverse of a 1727
Barrilla (18 mm) made from some
base metal, probably lead. Both
coins from Philippine collections.
 COUNTERSTAMPED COINAGE
1828 - 1836

An 1828 MANILA counterstamped on 8R Zacatecas (Mexico) 1825 AZ

flanked by 8R Guatemala 1826M with the stamp of Isabel II (YII)
and a scarce 960 Reis Brazil 1820R with a Ferdinand VII (F&) counterstamp
 COUNTERSTAMPED COINAGE
1828 - 1836

An 1828 MANILA counterstamped on 8R Zacatecas (Mexico) 1825 AZ

flanked by 8R Guatemala 1826M with the stamp of Isabel II (YII)
and a scarce 960 Reis Brazil 1820R with a Ferdinand VII (F&) counterstamp
 COUNTERSTAMPED COINAGE
1828 - 1836

Obverse and reverse of a very unusual and extremely rare MANILA 1828
(40mm) with YII counterstamps on both sides of the hole
COUNTERSTAMPED COINAGE
1828 - 1836
PHILIPPINE REVOLUTIONARY
GOVERNMENT 
1899

Revolutionary copper coin of 2 centimos de peso dated 1899.

At 26 mm diameter, it is the smaller of two types of patterns /
coins issued by President Emilio Aguinaldo.
The larger version, also in copper and likewise dated 1899,
is approximately 30 mm in diameter and bears the triangle
of the Katipunan.
COB COINAGE, 1546 - 1773
COB COINAGE, 1546 - 1773

Obverse and reverse of a unique 1/2R Mexico 1730 G cob or

macuquina (12 mm at widest, weighing approximately 1.7 grams)
displaying all the details and information required by the royal
decree prescribing the form of cob coinage.
(Philippine collection)
 DOS MUNDOS or PILLAR COINAGE
1732 - 1772

A set of Dos Mundos coins otherwise known as Columnarias or Pillar

Dollars from the Mexico Mint: 8R 1764 MF; 4R 1752 MF;
2R 1756 M; 1R 1762M; 1/2R 1754M.
 DOS MUNDOS or PILLAR COINAGE
1732 - 1772

Obverse and reverse of the famous 8 R Mexico 1732 (40 mm).

1732 was the first year of issue of the Dos Mundos coins.
The coin shown above is the signature coin of the entire
Dos Mundos series (1732 - 1772). Philippine collection.
 GOLD COINAGE FROM THE CASA DE
MONEDA
1861 - 1885

A set of Isabel II gold coins in 4-peso, 2-peso and 1-peso denomination,

all dated 1868, above a 4-peso Alfonso XII gold coin dated 1882.
Also featured is the reverse of the 4-peso coin bearing the legend
"FILIPINAS" which design is shared in common by all the coins.
 GOLD COINAGE FROM THE CASA DE
MONEDA
1861 - 1885

Top row shows the obverse and reverse of an uncirculated Isabel II 1-peso
coin (15 mm) dated 1867. The reverse design is shared in common by the two
different Isabel 4-peso coins (21 mm), likewise dated 1867, whose obverse
are shown on the lower row, both coins in very fine condition. All three coins
are extremely rare.
 GOLD COINAGE FROM THE CASA DE
MONEDA
1861 - 1885

Top row shows the obverse and reverse of an unusual Isabel II 2-peso coin
dated 1868/? (re-cut 8?) struck on a greenish-white metal. Lower row
displays the obverse and reverse of a coin struck on gold from exactly the
same set of dies from which the former coin came. Both coins measure 18
mm.
 COINAGE OF THE AMERICAN REGIME
1903 - 1935

A set of American regime coins minted in San Francisco dated

1903
(first year of issue): 1 peso, 50, 20, and 10 centavos in silver;
5 centavos in nickel; one and half centavo in copper.
 COINAGE OF THE AMERICAN REGIME
1903 - 1935

Obverse and reverse of the famous 1906-S Philippine Peso (38 mm)
designed and engraved by Melencio Figueroa and minted in San
Francisco, California. It is the most popular and the signature coin of
the U.S. - Philippine Series.
 COINAGE OF THE AMERICAN REGIME
1903 - 1935

Obverse and reverse of the unusual mint error 1918-S 5-centavo

"Mule" (22 mm)
struck by mistake in San Francisco, California, bearing the obverse
design
of a 20-centavo coin of the same year.
 COINAGE OF THE AMERICAN REGIME
1903 - 1935

Top row shows the obverse and reverse of the extremely rare gold
"Wilson Dollar". Below are the silver and bronze counterparts of the
same piece. All three medals (38 mm) are in top-rate uncirculated
condition, among the best in the world.
GOLD PORTRAIT COINAGE, 1728 -1824

A set of gold portrait coins: 8S Popayan (Columbia) 1793 JF;

4S Madrid 1786 DV; 2S Mexico 1799 FM; 1S Madrid 1787 DV;
1/2S Madrid 1770 PJ.
SILVER PORTRAIT COINAGE
1772 - 1825

A set of silver portrait coins from Mexico Mint:

8R 1800 FM; 4R 1801 FT; 2R 1799 FM; 1R 1800 FM; 1/2R 1799 FM
SILVER PORTRAIT COINAGE
1772 - 1825
 SILVER COINAGE FROM THE CASA DE
MONEDA
1861 - 1885

On the left is a set of silver coins of the Isabel II series in 50, 20 and 10 centimos de peso denomination
all dated 1868. On the right is a similar set of the Alfonso XII series all dated 1885. All the above were
minted by the Casa de Moneda de Manila. At center is the crown-size silver peso of Alfonso XIII dated
1897 which was minted in Madrid for Philippine circulation.
 SILVER COINAGE FROM THE CASA DE
MONEDA
1861 - 1885

The above photo features two complete sets of silver EXTREMELY RARE and UNCIRCULATED Isabel II 50,
20 and 10 centavos de peso coins dated 1866 and Alfonso XII 50, 20 and 10 centavos de peso coins dated
1880. These coins (except perhaps for the even rarer 10 centavos de peso 1864) are the RAREST coins of the
silver Isabel and Alfonso XII series issued by the Casa de Moneda de Manila.
 PHILIPPINE COMMONWEALTH COINAGE
1935 - 1945

A set of commemorative Philippine Commonwealth silver coins all dated

1936: 1 peso Quezon - Roosevelt and 1 peso Quezon – Murphy topped by 50
centavos Quezon - Murphy.
Currency during the Japanese Occupation
(1942-1945)

100 Peso Bill

Front View
Currency during the Japanese Occupation
(1942-1945)

100 Peso Bill

Back View
Currency during the Japanese Occupation
(1942-1945)

10 Peso Bill
Front View
Currency during the Japanese Occupation
(1942-1945)

10 Peso Bill
Back View
Currency during the Japanese Occupation
(1942-1945)

1 Peso Bill
Front View
Currency during the Japanese Occupation
(1942-1945)

1 Peso Bill
Back View
Currency during the Japanese Occupation
(1942-1945)

50 Centavos Bill
Front View
Currency during the Japanese Occupation
(1942-1945)

50 Centavos Bill
Back View
Currency during the Japanese Occupation
(1942-1945)

5 Centavos Bill
Front View
Currency during the Japanese Occupation
(1942-1945)

5 Centavos Bill
Back View
Currency during the Japanese Occupation
(1942-1945)

500 Peso Bill

Front/ Back View
Currency during the Japanese Occupation
(1942-1945)

1000 Peso Bill

Front/Back View
Currency during the Japanese Occupation
(1942-1945)

100 Peso Bill

Front/Back View
Guerilla note
Flora and Fauna Series (1983-1998)
Flora and Fauna Series (1983-1998)