Ever wondered how our money came to be? I searched the net for information on the history of our moneys (banknotes and coins). Here’s some interesting facts.
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.
Chinese Ming Dynasty porcelains and metalware have been unearthed in several locations in the Philippines. Early Pinoys bartered goods like pearls, gold pieces and medicinal plants for foreign goods like metalware, porcelain and silk.
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.
The term piloncito comes from the word pilon, a local sugar container that resembles the coin. They are engraved with the Brahmanic character “ma” which looks like an upside down “R”. We can only guess that this character refers to the pre-colonial kingdom of Ma-yi which is roughly the Philippines we know today. -philmoney.blogspot.com
Spanish Era
When the archipelago was colonized by Spain, Manila became the trade center for oriental goods. The Galleon Trade was established to monopolized the country’s goods.
This eventually introduced alternative forms of currencies to the Philippines. Silver, in the forms of Macuquinas (cobs), dos mundos (pillar dollars), counterstamped and portrait series coins, replaced gold beads and the primary forms of money.
A shortage of coins caused the Royalty of Spain to authorize the production of copper coins in Manila. The first copper coins, called barillas, were issued in 1728. The countries first banknotes (paper money), called Peso Fuertes, were circulated in 1852.
And in 1861, Casa de Moneda de Manila minted the countries first gold coins known as Isabelinas and Alfonsinos. Both of these coins are inscribed with “Filipinas.”
Revolutionary Period
Two types of 2-centavo coins were produced, in the army arsenal in Malolos, Bulacan, after Emilio Aguinaldo was proclaimed the President of the First Philippine Republic. Paper money was also issued.
The American Regime
America defeated Spain and took over the rule in 1901. The Philippine Coinage Act was passed by the US Congress which authorized the production of silver coins from 1903 to 1912.
These coins were minted in the Philadelphia, San Francisco and Denver mints. The inscriptions and figures of these coins were designed by a young Filipino artist named Melecio Figueroa.
Silver certificates were issued until 1918 which was later replaced with Treasury Certificates from 1918 to 1935. Due to the high cost of minting and transportation, the American government decided to reopen the Manila Mint in 1920. The newly-opened mint produced coins until Manuel L. Quezon’s Commonwealth Government.
During this same era, special coins were minted for circulation within the Culion Leper Colony in Culion, Palawan.
World War II
During the Japanese occupation, two kinds of paper money were circulated – the Japanese Invasion Money by the Japanese Empire and the Guerilla Notes issued by Filipino guerillas.
There are many types of Guerilla notes which circulated in their respective provinces. Examples are notes from Leyte, Cebu, Ilocos and Misamis Oriental.
Republic Period
In 1949, the Central Bank of the Philippines was created through the Republic Act No. 265.
In 1951 the English Series, Central Bank’s first official banknotes, was circulated. The Pilipino Series followed in 1967, then the Ang Bagong Lipunan Series in 1973, and the New Design Series in 1985.
For the coins, the English Series coins were introduced in 1959, followed by the Pilipino Series in 1967, the Ang Bagong Lipunan Series in 1975. The Flora and Fauna Series was introduced in 1983. An improved version was circulated in 1992.
All of these series were demonitized in 1998.
Special Notes
Commemorative banknotes and coins have been issued from time to time.
As a matter of fact, the World’s Largest Legal Tender is a Philippine bank note issued in 1998 to commemorate the country’s Independence Day Centennial. It has a face value of PHP 100, 000.
New Generation Money
Don’t be surprised if you see new banknotes in December 2010!
To make it harder for counterfeiters, BSP will issue paper money and coins with new designs.
Our new banknotes will pay tribute to Filipinos who played significant roles in various moments of our nation’s history. World heritage site and iconic natural wonders of the Philippines are also proudly highlighted.
The new coins will feature our national symbols.
Banknotes will start circulating in December 2010 while the coins will be issued in 2012.
Sources:
I posted this same article at hubpages.com. I’m neither numismatist nor historian so please don’t be surprised if I missed some information. If you think I need to add information, feel free to drop some lines in the comment section or email me at neil@kartonista.com.
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Thanks, JC!
I felt the need to write about this.
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[...] Pilipinos have used gold beads, called piloncitos, as a medium of exchange before the arrival of the Spaniards. European-style [...]
nice article.
i heard that the new philippine money now have additional features that would be difficult to counterfeit . two thumbs up for this step towards this coming new year
cant wait to read more of your articles. more power to you!
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It is estimated that over 350,000 businesses in the United States are involved in barter exchange activities. There are approximately 400 commercial and corporate barter companies serving all parts of the world. (http://en.wikipedia.org/wiki/Barter)
Barter Exchange (BEX) pioneers in bringing to the Philippines this multi-billion dollar industry – bartering or trade exchange. BEX provide business-to-business Barter solutions for small to large-scale enterprises. Founded by entrepreneurs with over a decade of experience in business consultation and development, BEX aims to introduce and bring to good use this powerful tool for companies with available products and services, with focus on maximizing production efficiency by increasing the rate of inventory turn-over.
So how does it work?
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How does that work for you?
Most businesses who will join a barter trade exchange have excess products or services they can sell. For example, if you are a media company you might have Ads or air time you can sell
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How do I spend my BEX Trade money?
A common misconception is that you have to trade whatever you have for something in particular you want and if the seller doesn’t have exactly what you’re looking for, it doesn’t really work.
A Barter Trade exchange solves that problem!
When you sell your product or service to another member, you get ‘trade money’ (BEX Trade money) in return. These go into your trade account. You can then spend your BEX money on whatever you want! And whenever you want it.
Get new customers:
BEX has over 100 members from SMEs and corporates in Philippines few of them big business associations as big as 3000 to 30000 businesses that would buy from other BEX members.
Attract new cash paying customers:
Often times BEX members will bring their friends and associates along with them, to a restaurant for example. They become cash paying customers you wouldn’t otherwise have had.
Spend your BEX Trade money, Save your cash:
Cash is King, but BEX Trade money is Queen! If you can’t sell your excess products or services for cash, sell them for BEX Trade money! Then spend your BEX Trade money on what you need, like bookkeeping, printing, and advertising; or on what you want, like a vacation to Boracay or Taj Mahal, jewelry, or an appointment with the doctor.
At BEX we are ‘high touch with high tech’. When you sign up for membership, a BEX representative will call you to give you that high touch customer service we are committed to. If you’re a high tech type we have designed a web site just for you, if you have questions and want to talk with someone right at your convenience.
WHY TO JOIN BARTER EXCHANGE (BEX)
Avail products and services without spending cash!
Instead of buying the things you need and want with cash, BEX MEMBERS make purchases with BEX Trade money- earned by selling their products and services, excess inventory or capacity to other BEX Members.
Do you run ads? Do you send brochures or other marketing material? Need to hire a consultant, accountant or an attorney? Do you need office equipment serviced? With BEX, you can acquire all of these services using BEX Trade money.
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Sell products and services to new customers!
Sell your products and services to a growing network of BEX Members who need what you have. This is a great way to open new markets, build new relationships, and grow your business.
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Access to experienced local Trade Coordinators that facilitate transactions!
Local Trade Coordinators act like a sales force promoting your products and services to an expanding network of new customers, both online and offline.
Trade Coordinators assist members in locating items to purchase for their business or personal needs.
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Mix business and pleasure!
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Should you wish to discuss this further or should you wish to confirm your membership, please contact us at (632) 4942723 / 09175438899 or email us barter.trader@yahoo.com
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Mr Bart Abaya
website http://www.swappingcorner.biz
email barter.trader@yahoo.com
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