The Philippine Barter Rings — golden doughnuts of history (and what they’re worth today)
Long before banknotes or Spanish coins arrived in the archipelago, Filipinos used gold in dozens of practical and symbolic ways: ornament, status, dowry — and currency. Among the most striking pieces of that pre-colonial monetary world are the barter rings (often called panika): ring-shaped gold ingots, sometimes as chunky as a small doughnut, that circulated alongside tiny conical “piloncitos” as a medium of exchange across the islands. What were barter rings? Barter rings are penannular gold pieces — a circular band with a small gap — that archaeological finds and museum displays show were used in trade, dowries and as visible markers of rank among the kadatuan (the nobility). They vary enormously in size and weight: some are tiny and light, others are truly massive (examples recorded in museum and exhibition notes weigh well over 100 grams). Barter rings and piloncitos functioned in a precious-metal economy where value was determined largely by weight and purity rather than an ...