DE TORRES, SHAYNE A.

JULY 12, 2016

FIN101A

2:00-3:00 TTHS
ACTIVITY NO. 2

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-like gold bits considered by the local numismatists as the earliest coin
of the ancient Filipinos, and gold barter rings.

BARTER RINGS

The earliest Filipinos traded with gold ring-like ingots, very similar to the first coins invented in the
Kingdom of Lydia in present day Turkey. Barter rings were circulated in the Philippines up to 16th century.

PILONCITOS

SPANISH PERIOD
The Galleon Trade, which started during the colonization of the Philippines in 1565 and lasted for
250 years, was responsible for transforming Manila into a trade center for oriental goods. These were
brought across the Pacific, in exchange for odd-shaped silver coins called cobs or macuquinas. Other
coins that followed were the dos mundos or pillar dollars in silver, the counter stamped coins and the
portrait series, also in silver.
In the 18th century, the Royalty of Spain authorized the production of copper coins by the
Ayuntamiento or Municipality of Manila in response to the acute shortage of fractional coins. These were
called barrillas which first appeared in 1728.In 1852, the first banknotes called pesos fuertes were issued,
and in 1861,the Casa de Moneda de Manila minted the first gold coins with the word "Filipinas " inscribed,
which were called Isabelinas and Alfonsinos.

MACUQUINAS OR COBS

Locally called hilis-kalamay, were irregularly-shaped coins hammered in Span and Spanish
America. These silver coins usually bore a cross on one side and the Spanish coat at arms on the other.
These were the earliest coins brought in by the galleons from Mexico. The galleon trade (1565-1815)
facilitated commerce among Asia, the Americas, and Europe.

DOS MUNDOS

The Spanish Dos Mundos, columnarias, pillar dollar, or Mexican dollar was circulated extensively
not only in the Philippines but the world over from 1732 to 1772. Considered one of the most beautiful coin
designs ever produced, it was first minted in Mixico during the reign of Philip V.

COUNTERSTAMPED

Latin American coins that found their way to the Philippines was counterstamped with F.70
(Ferdinand VII) and Y.II from 1835 to 1837.

PORTRAIT SERIES

Starting in 1772, the Bourbon rulers introduced silver coins bearing the bust portraits of such
monarchs as Corulos III, Carolus IV and Ferdin VII. Some Chinese however, felt it necessary to stamp
their mark to attest to the degree and quality of the coin, thus "chopmarked" the coin.

BARILLA

Barilla was the first coin struck in the Philippines as ordered by the Royalty of Spain. It bore the
coat-at-arms of the City of Manila and the inscription Ano de 1728.

PESOS FUERTES

Cincuenta (50) Pesos Fuertes : issued by El Banco Espaol Filipino de Isabel II (1865)

The Philippine peso was established on May 1, 1852, when the Banco Espaol-Filipino de Isabel II,
the first commercial bank in the Philippines and now the Bank of the Philippine Islands, introduced notes
denominated in pesos fuertes (strong pesos, written PF).
Cincuenta (50) Pesos Fuertes: issued by El Banco Espaol Filipino (1883)

In 1868, the Spanish Revolution overthrew Isabel II who was forced to exile in Paris, France. Upon
hearing the news, the Banco dropped the name of Isabel II and renamed it the El Banco Espaol Filipino.
Veinte Cinco (25) Pesos Fuertes: Treasury Note issued by El Banco Espaol Filipino
(1877)

The Insular Government then issued Treasury Notes in 1877 also denominated in pesos fuertes.

ISABELINAS

Isabelinas were the first gold and silver coins minted in the Philippines in 1861-1868 by the Case
de Moneda de Manila.

ALFONSINOS

From 1880 to 1885, the Case de Moneda de Manila issued gold and silver cons bearing the bust of
Alfonso XII who was installed on the throne of Spain in 1874.

REVOLUTIONARY PERIOD
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.

REPUBLIKA FILIPINA PAPEL MONEDA DE UN PESO AND CINCO

Issued in 1899, a series released under the Philippine Revolutionary Government under the
Administration of President Emillio Aguinaldo.
This series is said to be one of the rarest banknotes ever released in Philippine Banknote History,
especially those series signed by the El Presidente del Consejo de Gobierno, Pedro A. Paterno.
Reveals the desire of the Filipinos for independence, in pursuing self governance and sustaining
freedom from the Spanish Colony and American Regime.

CINCO PESOS

2 CENTIMOS DE PESO COPPER

NEW GENERATION CURRENCY SERIES (2010-PRESENT)

The Bangko Sentral ng Pilipinas (BSP) announced in 2009 that there will be major changes in the
design of the current banknotes and coins to reinforce its security features and improve durability. The
BSP released the initial batch of the New Generation Currency (NGC) banknote series on 16 December
2010.
The NGC banknote series is composed of six denominations, namely 20-Piso, 50-Piso, 100-Piso,
200-Piso, 500-Piso, and 1000-Piso. Each denomination integrates the important historical, natural, and
cultural aspects of life in the country. The NGC features famous Filipinos and iconic natural wonders of the
Philippines, while the coins will depict the Philippines national symbols.

BSP COIN SERIES (1995 PRESENT)

In 1995, a new set of coins and notes was issued which carried the logo of the new BSP: 5- and 1piso and 25-, 10-, 5- and 1-sentimo. On July 10, 2001, BSP issued the 10-piso coin for general circulation
to commemorate its 8th year anniversary. It has the profiles of Andres Bonifacio and Apolinario Mabini in a
con-joint or in tandem manner on the obverse side. The reverse side bears the seal of the Bangko Sentral
ng Pilipinas which is consistent with the common reverse design of the other six denominations. This has
been an additional denomination to the current coin circulation and a replacement for the 10-piso NDS
banknote.

It seems that the Banko Sentral ng Pilipinas enhanced the security features, and the quality of the
bills. The design of the bills was carefully evaluated to make it relevant, coherent, and consistent with the
countrys goals and aspirations. One significant design aspect is the tribute to Filipino heroism. The
portraits of Filipino heroes that appear on the notes were made younger-looking to reflect the era when
they actually began their distinguished public service. The backgrounds of the notes embody the creativity
of the Filipinos. The World heritage sites and natural iconic wonders that are uniquely identified in the
various Philippine islands are featured, in the whole series of Philippine peso notes.