Saturday, May 1, 2010

The Philippine Peso

Today in History:

In 1852, today (May 1st), the Philippine Peso was first put into circulation. During the Spanish colonial period in the Philippines, silver and copper coinage was the type of currency, based on a peso of 8 reales, with subdivisions of quarto and octavo real. This all changed in 1852 when the currency was reformed around a peso consisting of 100 centimos, which had the head of a monarch on one side and the crowned arms on the other. Under American rule in 1898, the currency changes to a peso of 100 centavos. The peso of 100 centavos had the picture of Liberty on one side and an eagle with a shield on the other. In 1935, when the Commonwealth of the Philippines was proclaimed, the eagle and the shield were taken off the currency. After being occupied by Japan in 1941 and being liberated in 1944-1945, the Philippines became a republic in July of 1946. After having picture changes on the coins in 1947 and 1958, a series of coin was released in 1967 portraying national heroes. The names of the peso and the centavos were also changed to the piso and the sentimo in 1967. The current coins that are seen today were introduced in 1995. The United States Dollar is currently worth about 44 Philippine Pesos, and in itself, shown much of the history of the Philippines.

Information From...
The Complete Illustrated Guide to Coins & Coin Collecting
By Dr. James Mackay

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