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The Philippine peso is derived from the Spanish dollar or pieces of eight brought over in large quantities by the Manila galleons of the 16th to 19th centuries. 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. [1]
1-peso coin issued under US administration, 1907. In 1903 the 1-peso coin equivalent to half a U.S. dollar was minted for the Philippines, weighing 26.96 grams (0.951 oz) of 0.9 fine silver. Its specifications were reduced from 1907 to 1912 to 20.0 grams (0.71 oz) of 0.8 fine silver.
After the United States took control of the Philippines, the United States Congress 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). This unit was equivalent to exactly half the value of a U.S. dollar. [13]
The Philippine fifty-peso note (Filipino: Limampung piso (formal), singkuwenta pesos ()) (₱50) is a denomination of Philippine currency. Philippine president and former House Speaker Sergio Osmeña is currently featured on the front side of the bill, while the Taal Lake and the giant trevally (known locally as maliputo) are featured on the reverse side.
State title, Melchora Aquino, value "ANG BAGONG LIPUNAN," BSP logo, year of minting March 31, 1975 January 2, 1998 10¢ 18 mm 2g Cupro-Nickel Reeded State title, Francisco Baltazar, value "ANG BAGONG LIPUNAN," BSP logo, year of minting March 31, 1975 January 2, 1998 25¢ 21.0 mm 4g State title, Juan Luna, value ₱1: 29 mm 9.5g
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As with Mexican dollars, the Philippine unit was based on silver, unlike the United States and Canada where a gold standard operated. Thus, following the great silver devaluation of 1873, the Philippine peso devalued in parallel with the Mexican unit, and by the end of the 19th century, was worth half a United States dollar.
The Philippine one hundred-peso note (Filipino: Sandaang Piso) (₱100) is a denomination of Philippine currency. Philippine president Manuel A. Roxas is currently featured on the front side of the bill, while the Mayon Volcano and the whale shark (locally known as butanding ) are featured on the reverse side.