The Philippine Currency Evolution

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1521-1897

During the Spanish occupation, when they came here in the Philippines in 1521 they brought with them the first European coin called teston.

Also it is the first silver coin. When the Galleon trade exercised the earliest coins during the Spanish colonization was the Macuqinas or the cobs. It has a irregular, oddly-shaped coins stamped with a cross on the other side side and a royal coat of armson the other. These coins circulated over 183 years from 1585 to 1768.

During the reign of King Philip the fifth of Spain the first rounded machine struck coins with milted edges appeared.These coins called the Dos Mundos or Columnarias. It is one of the most beautiful coin ever produce. It came the time of the coins ³Barillas¶, the first copper coins to be minted in thePhilippines and after how many colonizers came to our country currency changes.

Coins from other Spanish colonies also reached the Philippines and were counter stamped. 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.

1898-1899

Asserting its independence, the Philippine Republic of 1898 under General Emilio Aguinaldo issued its own coins and paper currency backed by the country’s natural resources. One peso and five peso notes printed as Republika Filipina Papel Moneda de Un Peso and Cinco Pesos were freely...
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