Saysay ng Salapi: Philippine Coins and Banknotes Throughout the Years

by Riel A. A. Diala

April 12, 2022

Part III: La Republica Filipina

333 years of Spanish Colonial rule had introduced new systems of currency to the Philippines. Not only did the period see a diverse range of coins from the new world, but it also witnessed the establishment of the Manila Mint and the manufacture of the colony’s first banknotes. However, centuries of oppressive rule against the Filipinos would lead to the Philippine Revolution and the subsequent Malolos Republic – the República Filipina, which minted its own coins and printed its own notes.

Republica Filipina, 1899

After the Philippine Revolution (1896-1898) against the oppressive forces of Spanish colonial rule, Philippine independence was proclaimed on June 12, 1898 at Cavite el Viejo (present-day Kawit, Cavite).  On June 18, a dictatorial government was established as per the decree of Gen. Emilio Aguinaldo, which called for the election of members of the revolutionary congress, known as the Malolos Congress (Guevara, 1972). The dictatorial government was later substituted by a revolutionary government as per another decree by Aguinaldo on the 23rd of July (Guevara, 1972). On the 17th of September, the Malolos Congress had its first regular session presided over by the President-elect of the Congress, Dr. Pedro A. Paterno (Guevara, 1972). Eventually, on the 23rd of January 1899 at the Barasoain Church in Malolos, the republic was formally proclaimed – the short-lived First Philippine Republic, which existed until 1901 (NHCP, 2012).

The First Philippine Republic also called for the production of new coins and banknotes. The revolutionary government issued one and two centavos or centimos de peso coins, bearing the words “República Filipina” and “1899” (the year of mintage) on the obverse, and the face values on the reverse. The coins also featured symbols of the Katipunan, such as the triangle and the wide-brimmed hat against the 8-rayed sun which, along with the three stars, were elements of the Philippine flag first unfurled at Cavite el Viejo in 1898. 

On the other hand, the banknotes featured equally elegant designs, with the face value and the words “República Filipina” (or similarly, “Republica de Filipinas”) appearing on both sides of the bill. On the obverse are the signatures of Malolos Congress members Pedro Paterno, Telesforo Chuidian, and Mariano Limjap, all of whom personally signed the notes as a measure against counterfeits. On the reverse are the names of Emilio Aguinaldo as the President of the Republic, and Pedro Paterno as the President of the Government Council. Also on the reverse are the words: 

“Este billete sera oportunamente cambiado por la República Filipina, y recibido en pago de contribuciones, derechos de Aduana y todo genero de obligaciones.”

(This ticket will be exchanged and received by the Philippine Republic in payment of taxes, customs duties and all kind of obligations.), and

“El falsificador sera castigado con todo el rigor de la Ley.”

(The counterfeiter will be punished with the full rigor of the law.)

Eventually, the coins and banknotes became illegal currency with the surrender of Emilio Aguinaldo to the Americans in 1901.  

What followed was the American Colonial Period, which enforced significant changes in Filipino society. With such, the new colonial government oversaw another chapter in Philippine history and numismatics, with the manufacture of new coins and banknotes. 

Sources:

Bangko Sentral ng Pilipinas. (n.d.). Coins and Notes – History of Philippine Money. Retrieved from official website.

Guevara, S. (Ed.). (1972). The Laws of the First Philippine Republic (the Laws of Malolos) 1898-1899. National Historical Commission. Retrieved from University of Michigan Library.

See, S. B. O. (10 Jun 2016). Tracing PHL’s story of money at the Bangko Sentral’s Money Museum. GMA News.

Suarez, M., Garcia, J., Reyes, D., & Catindig, B. (2018). Cashaysayan, A History of Philippine Money. Ilaw ng Tahanan Publishing, Inc.