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Barter rings were circulated in the Philippines up to the 16th century. [3] As the discovery of gold deposits were seen by the locals, the precious metal was mined and worked in the Philippines, evidenced by many Spanish accounts like one in 1586 that stated: “The people of this island are very skillful in their handling of gold. They weigh ...
"Piloncitos" is a collectors' term for the bead-like gold masa coins [1] [2] used during the aristocratic era of the Philippines and in the early years of Spanish foreign rule, [1] called bulawan ("gold piece") in many Philippine languages or salapi ("coin") or ginto ("gold piece") in Tagalog.
Gold was an important medium of exchange in the various territories of pre-Hispanic Philippines, in the form of stamped gold beads called piloncitos and gold barter rings. The original silver currency unit was the rupee or rupiah (known locally as salapi ), brought over by trade with India and Indonesia.
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The extensive use of gold during early Philippine history is well-documented, both in the archeological record and in the various written accounts from precolonial and early Spanish colonial times. [1] Gold was used throughout the Philippine archipelago in various decorative and ceremonial items, as clothing, and also as currency. [2]
A 10,000 peso gold coin was also issued to commemorate 70 years of Central Banking in the Philippines. [ 10 ] On March 11, 2022, the BSP issued a commemorative 125-peso coin to honor the 125th martyrdom anniversary of Dr. Jose Rizal.