The 1906 S and the American Period Coins

Part I     Piloncitos

Part II    Barter Rings

Part III    Alfonso Coin

Part IV    Two-Centavo Copper Coin

This is Part V of our Philippine Money series, all Parts prior to this are linked above.

When the Americans occupy the Philippines defeating the Spaniards on 1898, and after the Americans inhibited and banned Aguinaldo to print his own Coins, they released those new form of currency and the United States coins were introduced. This era on our currency is called the American Period and it happens from 1900 to 1941, just before the Peak of the Second World War.

In 1903 and 1904, the US mint at Philadelphia struck bronze-minted half centavo coins for circulation. Eventually, the coin was withdrawn from circulation because it was rejected by Filipinos for its low value.

Following the Spanish-American War, the United States gained control of the Philippine Islands under the 1898 Treaty of Paris. In 1903, the Philadelphia Mint began making coins for the Philippines based on a Centavos/Pesos monetary system. The Peso was a large silver coin made to the same technical specifications as a U.S. Dollar. The Peso was discontinued after 1912 and other denominations were issued intermittently until 1936, after which the Philippines became a Commonwealth but remained under U.S. control. From 1937 to 1945, coins were issued under the Centavos/Pesos monetary system, but the silver coins were of reduced size and purity. Following World War II, the Philippines became an independent nation under the Treaty of Manila. In 1947, the San Francisco Mint struck Fifty Centavos and Pesos bearing the likeness of General Douglas Macarthur. These coins are also popular with American collectors but they are listed under the Philippines proper.

Coins issued under U.S. administration bear the names of both the Philippines (Filipinas) and the United States, making them popular with collectors in both countries. Coins were produced at Philadelphia (no mintmark), San Francisco (S), Denver (D), and Manila (M). From 1903 to 1909, and again in 1908, the Philadelphia Mint produced Proof sets containing all seven of the then-current denominations. Proof Set mintages range from a high of 2,558 sets in 1903 to a low of 471 sets in 1905.

Rarities in the U.S. Philippines series include the 1906-S Peso and the Proof 1907 Peso (of which only two are known).

With the coming of the Americans 1898, modern banking, currency and credit systems were instituted making the Philippines one of the most prosperous countries in East Asia.  The monetary system for the Philippines was based on gold and pegged the Philippine peso to the American dollar at the ratio of 2:1.  The US Congress approved the Coinage Act for the Philippines in 1903.

The coins issued under the system bore the designs of Filipino engraver and artist, Melecio Figueroa. Coins in denomination of one-half centavo to one peso were minted. The renaming of El Banco Espanol Filipino to Bank of the Philippine Islands in 1912 paved the way for the use of English from Spanish in all notes and coins issued up to 1933. Beginning May 1918, treasury certificates replaced the silver certificates series, and a one-peso note was added.

The 1906 S Mintmark

In my personal collection, I have both the 1907 and 1908 One Peso Coin. It is so beautiful. Not planning on selling them anytime soon.

Cheerio!