* The story of Philippine money

[Kano]

The story of Philippine money


Manila Bulletin By Ignacio R. Bunye July 05, 2010

Every Filipino who knows his history is aware of the importance of June 12 and its vital role in shaping the Philippine post-colonial consciousness.

On this date, we recall our shared experiences as a people, and how we battled with forces – both external and internal – to reach this point in our history.

When we celebrated our 112th year of independence just a few weeks ago, we were again given the chance to reflect on our historic past – a past that will indeed determine the kind of future we will have as a country.There are many ways of looking at our history and many resources from which we can examine it. The most popular, of course, are history books.

However, there is a more common resource – which sadly, most of us take for granted, save for its important role in our daily lives and in our economy.

I am referring to none other than Philippine money.

As the Bangko Sentral ng Pilipinas points out, Philippine money is more than just a medium of exchange; it is a celebration of the Filipino.

The BSP further describes Philippine money as multi-colored threads woven into the fabric of our social, political, and economic life. According to our central monetary authority, the evolution of Philippine money began way back in the pre-Hispanic era when trade among early Filipinos was conducted through barter, or the exchange of goods and services without using money.

The inconvenience of barter later led to the creation of objects that were used as the new medium of exchange. The BSP said that gold, then abundant in many parts of the country, was used as component of these objects – which included gold barter rings and piloncitos, or small beadlike gold bits considered by local numismatists as the earliest coin of the ancient Filipinos.

Then came three centuries of Spanish rule which left a lasting influence on Philippine currency.

The BSP said that at the end of the Spanish regime, Philippine money was a multiplicity of currencies that included Mexican pesos, Alfonsino pesos, and copper coins of other currencies.

The earliest coins brought in by Mexican galleons and galleons from other Spanish colonies were called cobs or macuquinas of colonial mints. The silver dos mundos or pillar dollar is regarded as among the world's most beautiful coins.

The barilla, a crude bronze or copper coin worth about one centavo, was the first coin minted in the country.

There were also coins from other Spanish colonies that reached our country and were counterstamped.

Gold coins with the portrait of Queen Isabela were minted in Manila while silver pesos with the profile of young Alfonso XIII were the last coins minted in Spain.

The BSP said the pesos Fuertes, the first paper money that circulated in the country, were issued by the country's first bank, the El Banco Espanol Filipino de Isabel II.

When the Philippine Republic came into being in 1898, the government under General Emilio Aguinaldo decided to issue its own coins and paper notes 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 circulated by the new government.

The Aguinaldo regime also issued 2 centimos de peso copper in 1899.

The Story of Philippine money
(Concluded from last week)
By ATTY. IGNACIO R. BUNYE
July 11, 2010, 4:50pm

From the beadlike form of pre-colonial Philippine money, to the early coins and notes of the Spanish period and the Philippine revolutionary government, the face of our country's currency has evolved significantly through the years.

According to a history of Philippine money collated by the Bangko Sentral ng Pilipinas, the American period paved the way for an important development in this monetary evolution.

The Americans, according to the BSP, instituted a new monetary system for the Philippines based on gold and pegged the Philippine peso to the American dollar at the ratio of 2:1.

The US Congress, it can be recalled, had approved the Coinage Act for the Philippines in 1903.

The coins minted under the new system bore the designs of Filipino engraver and artist, Melecio Figueroa. One-half centavo to one-peso denominations were issued by the American regime.

The BSP noted that the renaming of El Banco Espanol Filipino to Bank of the Philippine Islands in 1912 resulted in the use of English from Spanish in all notes and coins issued up to 1933.

Starting May 1918, treasury certificates replaced the silver certificates series, and a one-peso note was added.

During the Japanese Occupation, two kinds of notes circulated in the country: the big-denomination war notes issued by the Japanese and the guerrilla notes or resistance currencies issued by provinces and municipalities.

Most of the resistance currencies were sanctioned by the Philippine government in-exile and partially redeemed after the war.

When the Philippines gained independence after World War II, the Philippine Republic used old treasury certificates overprinted with the word "Victory" as currency.

In 1949, the creation of the Central Bank of the Philippines paved the way for the issuance of the first currencies in the form of English series notes printed by the Thomas de la Rue & Co., Ltd. in England and the coins minted at the United States Bureau of Mint.

According to the BSP, the Filipinization of the Philippine Republic's coins and paper money began in the late 1960s and continues to this day.

In the 1970s, the Marcos government issued the Ang Bagong Lipunan (ABL) series notes, which were printed at the BSP's Security Printing Plant in Quezon City beginning 1978.

With the introduction of flora and fauna coins in 1983, a new wave of change swept through the Philippine coinage system. The series featured national heroes and species of flora and fauna.

Ten years after the new design series of banknotes issued in 1985 replaced the ABL series, a new set of coins and notes were again issued–this time carrying the BSP logo.

We now look forward to the impending release of the New Generation Currency at the end of this year, with its exciting new design and security features.

This new currency will again bring to the Filipino consciousness the message repeatedly reflected in the evolution of Philippine money under the Philippine Republic: that we are indeed a nation in command of our destiny.

[TheDolphin]

Is het geld dat in de jaren 80 is ontworpen nog steeds geldig als er een nieuwe verschijningsvorm komt?