Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ce ...

pieces of eight The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...

Manila galleon fil, Galyon ng Maynila , english_name = Manila Galleon , duration = From 1565 to 1815 (250 years) , venue = Between Manila and Acapulco , location = New Spain (Spanish Empire) ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

Chinese yuan The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...

Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...

piloncitos Piloncitos (also known as bulawan, and as "granitos de oro" in very early records) are small "bead-like" pieces of gold which were used as currency during the Philippines' Archaic period and in the earliest years of the country's Spanish coloni ...

Piloncitos Piloncitos (also known as bulawan, and as "granitos de oro" in very early records) are small "bead-like" pieces of gold which were used as currency during the Philippines' Archaic period and in the earliest years of the country's Spanish coloni ...

Namayan Namayan (Baybayin: Pre-Kudlit: or (''Sapa''), Post-Kudlit: ), also called Sapa,Locsin, Leandro V. and Cecilia Y. Locsin. 1967. ''Oriental Ceramics Discovered in the Philippines.'' Vermont: Charles E. Tuttle Company. Maysapan or Nasapan, an ...

Rajahnate of Butuan Butuan also called the Butan Rajanate and the Kingdom of Butuan (; Butuanon: ; ; ) was a precolonial Philippine polity centred on the northern Mindanao island in the modern city of Butuan in what is now the southern Philippines. It was known f ...

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...

tael Tael (),"Tael" entry
at the

Mandaluyong Mandaluyong, officially the City of Mandaluyong ( fil, Lungsod ng Mandaluyong), is a first class highly urbanized city in the National Capital Region of the Philippines. According to the 2020 census, it has a population of 425,758 people. Loca ...

,

Bataan Bataan (), officially the Province of Bataan ( fil, Lalawigan ng Bataan ), is a province in the Central Luzon region of the Philippines. Its capital is the city of Balanga while Mariveles is the largest town in the province. Occupying the enti ...

, the banks of the

Pasig River The Pasig River ( fil, Ilog Pasig) is a water body in the Philippines that connects Laguna de Bay to Manila Bay. Stretching for , it bisects the Philippine capital of Manila and its surrounding urban area into northern and southern halves. Its ...

,

Batangas Batangas, officially the Province of Batangas ( tl, Lalawigan ng Batangas ), is a province in the Philippines located in the Calabarzon region on Luzon. Its capital is the city of Batangas, and is bordered by the provinces of Cavite and La ...

,

Marinduque Marinduque (; ), officially the Province of Marinduque, is an island province in the Philippines located in Southwestern Tagalog Region or Mimaropa, formerly designated as Region IV-B. Its capital is the municipality of Boac. Marinduque lies be ...

,

Samar Samar ( ) is the third-largest and seventh-most populous island in the Philippines, with a total population of 1,909,537 as of the 2020 census. It is located in the eastern Visayas, which are in the central Philippines. The island is divided in ...

,

Leyte Leyte ( ) is an island in the Visayas group of islands in the Philippines. It is eighth-largest and sixth-most populous island in the Philippines, with a total population of 2,626,970 as of 2020 census. Since the accessibility of land has be ...

and some areas in

Mindanao Mindanao ( ) ( Jawi: مينداناو) is the second-largest island in the Philippines, after Luzon, and seventh-most populous island in the world. Located in the southern region of the archipelago, the island is part of an island group of ...

. They have been found in large numbers in

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...

n archeological sites leading to questions of origin. That gold was mined and worked here is evidenced by many Spanish accounts, like one in 1586 that said:

Barter rings

The early Filipinos also traded along with the

Barter rings Barter rings ( Tagalog: ''panika'') are ring-shaped gold ingots used as currency in the Philippines until the 16th century. These barter rings are bigger than a doughnut in size and are made of nearly pure gold. Description The early Filipinos ...

, which is gold ring-like

ingot An ingot is a piece of relatively pure material, usually metal, that is cast into a shape suitable for further processing. In steelmaking, it is the first step among semi-finished casting products. Ingots usually require a second procedure of sha ...

s. These barter rings are bigger than a doughnut in size and are made of nearly pure gold.

Spanish era (1565–1898)

The Spanish silver peso worth eight reales was first introduced by the

Magellan expedition The Magellan expedition, also known as the Magellan–Elcano expedition, was the first voyage around the world in recorded history. It was a 16th century Spanish expedition initially led by Portuguese explorer Ferdinand Magellan to the Moluccas ...

of 1521 and brought in large quantities by the

Manila galleon fil, Galyon ng Maynila , english_name = Manila Galleon , duration = From 1565 to 1815 (250 years) , venue = Between Manila and Acapulco , location = New Spain (Spanish Empire) ...

s after the 1565 conquest of the Philippines. See

Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...

. The local salapi continued under Spanish rule as a half-peso coin. Additionally, Spanish gold onzas or eight-

escudo The escudo ( Portuguese: 'shield') is a unit of currency historically used in Portugal and its colonies in South America, Asia, and Africa. It was originally worth 16 silver . The Cape Verdean escudo and the former Portuguese escudo (PTE), eac ...

coins were also introduced with identical weight to the

Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...

but valued at 16 silver pesos.

Silver Cobs and Columnarios

The earliest silver coins brought in by the galleons from Mexico and other Spanish colonies were in the form of roughly-cut cobs or macuquinas. These coins usually bore a cross on one side and the Spanish royal coat-of-arms on the other. Locals called these crudely-made coins "hilis-

kalamay ''Kalamay'' (also spelled ''Calamay'', literally "sugar"), is a sticky sweet delicacy that is popular in many regions of the Philippines. It is made of coconut milk, brown sugar, and ground glutinous rice. It can also be flavored with margarine ...

" due to its resemblance to flattened rice cakes. These were replaced starting 1726 by machine-minted coins called

Columnarios Columnarios are silver coins that were minted by Spain from 1732 to 1773 throughout its New World colonies. While the majority of columnarios were struck in Mexico, smaller mints existed in Guatemala; Lima, Peru; Santiago, Chile; Potosí, ...

(pillar dollars) or dos mundos (two worlds) containing 27.07 grams of 0.917 fine silver (revised to 0.903 fine in 1771). These pillar dollars circulated extensively not only in the Philippines but all over the world in the 18th and 19th centuries due to its beauty of design, consistency of weight and fineness, universal recognition among merchants worldwide, and a serrated edge which prevented the clipping away of the precious metal. From the same Spanish peso or dollar is derived the various pesos of Latin America, the dollars of the US and Hong Kong, as well as the Chinese yuan and the Japanese yen.

Fractional currency and Cuartos

Silver coins were minted in denominations of 8 real () and 4, 2, 1 and real. Gold coins came in denominations of 8 escudos () and 4, 2, 1 and escudos. Small change was also made by cutting a whole coin, most commonly into eight wedges each worth one

Spanish real The ''real'' (English: /ɹeɪˈɑl/ Spanish: /reˈal/) (meaning: "royal", plural: ''reales'') was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throu ...

. Locally produced crude copper or bronze coins called cuartos or barrillas were also struck in the Philippines by order of the Spanish government. From this came the Filipino words “kwarta” (synonymous to money in general) and “barya” (small change). In 1837 an order was issued that 20 such cuartos be counted as one real (hence, 160 cuartos to a peso). The discontinuation in the 19th century of officially minted copper cuartos was alleviated in part by counterfeit two-cuarto coins (worth 80 to a peso) made by Igorot copper miners in the Cordilleras and accepted in circulation by the rest of the country.

Stamped Philippine Currency

In the early part of the 19th century, most of the Spanish colonies in Central and South America revolted and declared independence from Spain. They issued silver coins bearing revolutionary slogans and symbols which reached the Philippines. The Spanish government officials in the islands were fearful that the seditious markings would incite Filipinos to rebellion. Thus they removed the inscriptions by counter stamping the coins with the word F7 or YII. A currency system derived from coins imported from Spain, China and neighboring countries was fraught with various difficulties. Money came in different coinages, and fractional currency in addition to the real and the cuarto also existed. Peso coins with Spanish or Mexican designs are also easily imported and exported overseas, occasionally emptying government and private coffers. Money has nearly always been scarce in Manila, and when it was abundant it was shipped to the provinces. An 1857 decree requiring the keeping of accounts in pesos and centimos (worth 1/100th of a peso) was of little help to the situation given the existence of copper cuartos worth 160 to a peso.

Philippine Gold / Silver Bimetallic Standard in the 19th century

The Spanish gold onza (or 8-

escudo The escudo ( Portuguese: 'shield') is a unit of currency historically used in Portugal and its colonies in South America, Asia, and Africa. It was originally worth 16 silver . The Cape Verdean escudo and the former Portuguese escudo (PTE), eac ...

coin) was of identical weight to the

Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...

but was officially valued at 16 silver pesos, thus putting the peso on a bimetallic standard with a gold/silver ratio of 16. Its divergence with the value of gold in international trade featured prominently in the continued monetary crises of the 19th century. The

California gold rush The California Gold Rush (1848–1855) was a gold rush that began on January 24, 1848, when gold was found by James W. Marshall at Sutter's Mill in Coloma, California. The news of gold brought approximately 300,000 people to California fro ...

of 1848-1855 meant the gold onza, officially valued at 16 pesos, fetched only about 15 pesos internationally, and it in fact suffered as much as a 33% discount when paid to Chinese merchants who consistently count in silver pesos. As the Spanish government continued to receive these gold onzas as 16 pesos, there eventually came a time when silver pesos became scarce and only gold 16-peso coins remained in circulation. In order to remedy this damage in the monetary situation, Queen Isabella II issued a decree in 1857 ordering the founding of the Casa de Moneda de Manila in the Philippines in order to coin gold 1, 2 and 4 peso coins according to Spanish standards (the 4-peso coin being 6.766 grams of 0.875 gold). The first gold coins were minted in 1861. In the same year a royal decree ordered the minting of 50, 20 and 10 centimo silver coins out of Latin American coins also according to Spanish standards (with 100 centimos containing 25.98 grams of 0.900 silver). The price of silver has since gone down and the first silver coins were minted in 1864. The relative abundance of gold in the Philippines then came to an end with the adoption of the gold standard in most of Europe after 1871 and the subsequent climb in the international gold/silver ratio above 16. It was further aggravated by an 1876 decree confirming the Mexican peso as legal tender in the Philippines and exchangeable with the gold onza for 16 pesos. The climb in the gold onza's overseas value above 16 pesos soon made importing Mexican dollars in exchange for gold coins a profitable venture. While the Governor General attempted in 1877 to stem the outflow of gold by limiting the legal tender status of Mexican silver, by 1884 gold coin had entirely disappeared. The 19th century therefore ended with the

Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ce ...

still officially on a bimetallic standard equal to either the silver Mexican peso (weighing 27.07 grams 0.903 fine, or 0.786 troy ounce XAG) or 1/16th the gold onza (weighing 1.6915 gram 0.875 fine, or 0.0476 troy ounce XAU). The gold peso, however, has since increased in value to approx. two silver pesos. Furthermore, the fineness of Philippine fractional silver coins was reduced from 0.900 to 0.835 and worsened the quality of the local currency, and the introduction of Alfonsino silver coins in 1897 did little to improve the peso's exchange value. Such Mexican and Spanish-Filipino coins remained in circulation until they were demonetized after the introduction of the new US-Philippine peso in 1903.

Peso Fuerte Banknotes

The first paper money circulated in the Philippines was the

Philippine peso fuerte The Philippine peso fuerte (Spanish "Strong Peso" sign: PF) was the first paper currency of the Philippines and the Spanish East Indies during the later Spanish colonial period. It co-circulated with other Spanish silver and gold coins and was iss ...

issued in 1851 by the country's first bank, the El Banco Español Filipino de Isabel II. Being bimetallic and convertible to either silver pesos or gold onzas, its volume of 1,800,000 pesos was small relative to about 40,000,000 silver pesos in circulation at the end of the 19th century.

Sulu coins

The

Sultanate of Sulu The Sultanate of Sulu (Tausug language, Tausūg: ''Kasultanan sin Sūg'', كاسولتانن سين سوڬ; malay language, Malay: ''Kesultanan Sulu''; fil, Sultanato ng Sulu; Chavacano: ''Sultanato de Sulu/Joló''; ar, سلطنة سولك) ...

in the southernmost islands engaged actively in barter trade with the Arabs,

Han Chinese The Han Chinese () or Han people (), are an East Asian ethnic group native to China. They constitute the world's largest ethnic group, making up about 18% of the global population and consisting of various subgroups speaking distinctive va ...

,

Bornean Borean (also Boreal or Boralean)http://ehl.santafe.edu/EhlforWeb.pdf is a hypothetical linguistic macrofamily that encompasses almost all language families worldwide except those native to the Americas, Africa, Oceania, and the Andaman Islands. ...

,

Moluccan Moluccans are the Austronesian-speaking and Papuan-speaking ethnic groups indigenous to the Maluku Islands (also called the Moluccas), Indonesia. The region was historically known as the Spice Islands, and today consists of two Indonesian prov ...

, and British traders. The Sultans issued coins of their own as early as the 5th century. Coins of Sultan Azimud Din that exist today are of base metal Tin,

Silver Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...

and

alloy An alloy is a mixture of chemical elements of which at least one is a metal. Unlike chemical compounds with metallic bases, an alloy will retain all the properties of a metal in the resulting material, such as electrical conductivity, ductility, ...

bearing

Arabic Arabic (, ' ; , ' or ) is a Semitic languages, Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C ...

inscriptions and dated 1148 AH corresponding to the year 1735 in the Christian era.

First Philippine Republic (Revolutionary period 1898–1899)

The

Philippine Republic The term "Philippine Republic" or "Republic of the Philippines" refers to a succession of republics during and after the Philippine Revolution in the Philippines. The current government of the Philippines recognizes five "Philippine republics" in ...

of 1898 under General Emilio Aguinaldo issued currency backed by the country's natural resources. Two types of two-centavo copper coins were struck at the Malolos arsenal and one and two peso paper notes hand signed by

Pedro Paterno Pedro Alejandro Paterno y de Vera IgnacioGarcía Castellón, Manuel. (February 27, 1857 – April 26, 1911, 993 pages) was a Filipino politician infamous for being a turncoat. He was also a poet and a novelist. His intervention on behalf of th ...

, Mariano Limjap and

Telesforo Chuidian Telesforo or Telésforo is a masculine given name derived from Telesphorus. It may refer to: * Telesforo Castillejos (born 1947), Filipino politician and former provincial governor * Telésforo Isaac (born 1929), retired Episcopal bishop in the ...

were printed and freely circulated. These were withdrawn from circulation and declared illegal currency after the surrender of General Aguinaldo to the Americans.

American colonial period (1901–1946)

Filipinas (PI) 50 Centavos Silver Coin 1918 (s)

Philippine 100 peso Silver Certificate (Series 1905)

After the United States took control of the Philippines, the

United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...

passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso (not coined) consisting of 12.9 grains of gold 0.900 fine (0.0241875 XAU), equivalent to ₱2,640 as of December 22, 2010. This unit was equivalent to exactly half the value of a U.S. dollar. Its peg to gold was maintained until the gold content of the US dollar was reduced in 1934. Its peg of ₱2 to the US dollar was maintained until independence in 1946. The act provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos (maximum denomination increased to 500 pesos in 1906). It also provided for the creation of a gold-standard fund to maintain the parity of the coins so authorized to be issued and authorized the insular government to issue temporary certificates of indebtedness bearing interest at a rate not to exceed 4 per cent per annum, payable not more than one year from date of issue, to an amount which should not at any one time exceed 10 million dollars or 20 million pesos.

Commonwealth period (1935–1946)

When the Philippines became a U.S. Commonwealth in 1935, the coat of arms of the Philippine Commonwealth were adopted and replaced the arms of the US Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive.

The "Mickey Mouse money" (Fiat peso)

PHI-114-Japanese Government (Philippines)-500 Pesos (1944)

During

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

in the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

, the occupying Japanese government-issued fiat currency in several denominations; this is known as the ''Japanese government-issued Philippine fiat peso'' (see also

Japanese invasion money Japanese invasion money, officially known as Southern Development Bank Notes ( ''Dai Tō-A Sensō gunpyō'', "Greater East Asia War military scrip"), was currency issued by the Japanese Military Authority, as a replacement for local currency afte ...

). The

Second Philippine Republic The Second Philippine Republic, officially known as the Republic of the Philippines ( tl, Repúbliká ng Pilipinas; es, República de Filipinas; ja, フィリピン共和国, ''Firipin-kyōwakoku'') and also known as the Japanese-sponsored Phi ...

under José P. Laurel outlawed possession of guerrilla currency, and declared a

monopoly A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situati ...

on the issuance of money, so that anyone found to possess guerrilla notes could be arrested. Some Filipinos called the fiat peso "

Mickey Mouse Mickey Mouse is an animated cartoon Character (arts), character co-created in 1928 by Walt Disney and Ub Iwerks. The longtime mascot of The Walt Disney Company, Mickey is an Anthropomorphism, anthropomorphic mouse who typically wears red sho ...

money". Many survivors of the war tell stories of going to the market laden with suitcases or "''bayóng''" (native bags made of woven coconut or '' buri'' leaf strips) overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U.S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 ''Mickey Mouse'' pesos.

"Guerilla Pesos" (Emergency circulating notes)

The

Emergency circulating notes Emergency circulating notes were currency printed by the Philippine Commonwealth Government in exile during World War II. These "guerrilla pesos" were printed by local government units and banks using crude inks and materials. Due to the infer ...

were currency printed by the

Philippine Commonwealth The Commonwealth of the Philippines ( es, Commonwealth de Filipinas or ; tl, Komonwelt ng Pilipinas) was the administrative body that governed the Philippines from 1935 to 1946, aside from a period of exile in the Second World War from 1942 ...

Government in exile A government in exile (abbreviated as GiE) is a political group that claims to be a country or semi-sovereign state's legitimate government, but is unable to exercise legal power and instead resides in a foreign country. Governments in exile us ...

during

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

. These "guerrilla pesos" were printed by local government units and banks using crude inks and materials. Due to the inferior quality of these bills, they were easily mutilated. The Japanese-sponsored

Second Philippine Republic The Second Philippine Republic, officially known as the Republic of the Philippines ( tl, Repúbliká ng Pilipinas; es, República de Filipinas; ja, フィリピン共和国, ''Firipin-kyōwakoku'') and also known as the Japanese-sponsored Phi ...

under

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

José P. Laurel outlawed possession of guerrilla currency and declared a

monopoly A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situati ...

on the issuance of money and anyone found to possess guerrilla notes could be arrested or even executed.

Modern currencies (1946–present)

English Series

The English Series were Philippine banknotes that circulated from 1951 to 1971. It was the only banknote series of the Philippine peso to use

English English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national ide ...

as its language.

Pilipino series

The Pilipino series banknotes is the name used to refer to

Philippine The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

issued by the Central Bank of the Philippines from 1969 to 1973, during the term of

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos Sr. ( , , ; September 11, 1917 – September 28, 1989) was a Filipino politician, lawyer, dictator, and kleptocrat who was the 10th president of the Philippines from 1965 to 1986. He ruled under martial ...

. It was succeeded by the

Ang Bagong Lipunan Series The ''Ang Bagong Lipunan'' Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes and coins issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of bank ...

of banknotes, to which it shared a similar design. The lowest denomination of the series is 1-

piso Piso may refer to: * Lake Piso, Liberia *Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philip ...

and the highest is 100-

piso Piso may refer to: * Lake Piso, Liberia *Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philip ...

. This series represented a radical change from the

English series The English Series were Philippine banknotes and coins that circulated from 1949 to 1969. It was the first banknote and coin series of the newly established Central Bank of the Philippines and was the only banknote and coin series of the Philippin ...

. The bills underwent Filipinization and a design change. After the declaration of Proclamation № 1081 on September 23, 1972, the Central Bank demonetized the existing banknotes (both the ''English'' and ''Pilipino series'') on March 1, 1974, pursuant to Presidential Decree No. 378. All the unissued banknotes were sent back to the

De La Rue De La Rue plc (, ) is a British company headquartered in Basingstoke, England, that designs and produces banknotes, secure polymer substrate and banknote security features (including security holograms, security threads and security printe ...

plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design.

Ang Bagong Lipunan series

The ''

Ang Bagong Lipunan Series The ''Ang Bagong Lipunan'' Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes and coins issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of bank ...

'' (literally, ”The

New Society ''New Society'' was a weekly magazine of social inquiry and social and cultural comment, published in the United Kingdom from 1962 to 1988. It drew on the disciplines of sociology, anthropology, psychology, human geography, social history and so ...

Series") is the name used to refer to

Philippine The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the

New Design series The New Design Series (NDS) was the name used to refer to banknotes of the Philippine peso issued from 1985 to 2013; it was also known as the BSP Series when the Bangko Sentral ng Pilipinas was established in 1993. The coins, however, were issu ...

of banknotes. The lowest denomination of the series is 2-

piso Piso may refer to: * Lake Piso, Liberia *Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philip ...

and the highest is 100-

piso Piso may refer to: * Lake Piso, Liberia *Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philip ...

. After the declaration of Proclamation № 1081 by President

Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos Sr. ( , , ; September 11, 1917 – September 28, 1989) was a Filipino politician, lawyer, dictator, and kleptocrat who was the 10th president of the Philippines from 1965 to 1986. He ruled under martial ...

on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree 378. All the unissued

Pilipino Series The Pilipino Series banknotes is the name used to refer to Philippine banknotes and coins issued by the Central Bank of the Philippines from 1969 to 1973, during the term of President Ferdinand Marcos. It was succeeded by the Ang Bagong Lipunan Seri ...

banknotes (except the one peso banknote) were sent back to the

De La Rue De La Rue plc (, ) is a British company headquartered in Basingstoke, England, that designs and produces banknotes, secure polymer substrate and banknote security features (including security holograms, security threads and security printe ...

plant in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. The one peso note was replaced with the two peso note, which features the same elements of the demonetized "Pilipino" series one peso note. On September 7, 1978, the Security Printing Plant in

Quezon City Quezon City (, ; fil, Lungsod Quezon ), also known as the City of Quezon and Q.C. (read in Filipino as Kyusi), is the List of cities in the Philippines, most populous city in the Philippines. According to the 2020 census, it has a populatio ...

was inaugurated to produce the banknotes. And a minor change of its BSP seal.

New Design Series

The ''

New Design Series The New Design Series (NDS) was the name used to refer to banknotes of the Philippine peso issued from 1985 to 2013; it was also known as the BSP Series when the Bangko Sentral ng Pilipinas was established in 1993. The coins, however, were issu ...

'' (NDS) was the name used to refer to

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

of the Philippine peso issued from 1985 to 2013; it was also known as the ''BSP Series'' when the Bangko Sentral ng Pilipinas was established in 1993. It was succeeded by the '' New Generation Currency'' (NGC) Series issued on December 16, 2010. The NDS/BSP banknotes were printed until 2013 (with 5-peso note were printed until 1995, 10-peso note until 2001, 20 and 1000 peso notes until 2012, and 50, 100, 200 and 500 peso notes until 2013) and legal tender until December 31, 2015, where they coexisted with the NGC banknotes from December 16, 2010, to December 31, 2015. The NDS/BSP notes were no longer legal tender since January 1, 2016, but can be exchanged with NGC notes until its demonetization on December 29, 2017 (with the demonetization of the NDS/BSP notes were originally scheduled by January 1, 2017, but the deadline of exchange of NDS/BSP notes to NGC notes was extended to July 1, 2017, after the Bangko Sentral ng Pilipinas approved the extension due to public clamor, and extended again to the final demonetization date of NDS/BSP series notes on December 29, 2017, after BSP decided to extend its time limit due to Filipino consumers presenting the notes after that date).

New Generation Currency (current)

In 2009,

Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act ...

(BSP) announced that it has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability. The members of the numismatic committee include BSP Deputy Governor Diwa Guinigundo and Ambeth Ocampo, Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes on December 16, 2010.

References

Bibliography

*
Banknotes and Coins June 2010
Bangko Sentral ng Pilipinas (BSP). *

' at th
Bohol.ph website
* *

External links

Virtual Museum of Spanish Philippine Coinage

Philippine Guerrilla and Emergency Notes

Philippine Coin News & Update

Philippine Banknotes and Coins
{{DEFAULTSORT:Philippine Peso Philippines currency history Banknotes of the Philippines Currencies of the Philippines Economy of the Philippines History of money

History

Early Philippine history (c. 900 AD–1565)

Piloncitos

Barter rings

Spanish era (1565–1898)

Silver Cobs and Columnarios

Fractional currency and Cuartos

Stamped Philippine Currency

Philippine Gold / Silver Bimetallic Standard in the 19th century

Peso Fuerte Banknotes

Sulu coins

First Philippine Republic (Revolutionary period 1898–1899)

American colonial period (1901–1946)

Commonwealth period (1935–1946)

The "Mickey Mouse money" (Fiat peso)

"Guerilla Pesos" (Emergency circulating notes)

Modern currencies (1946–present)

English Series

Pilipino series

Ang Bagong Lipunan series

New Design Series

New Generation Currency (current)

References

Bibliography

External links