Learning the Roots of the Philippine Currency
The Philippine currency that the Filipino people know now is actually based on the first Philippine peso that was based from the Spanish silver coin called the 'Real de a Ocho'.
This was also known as the Spanish dollar and was in wide circulation in the Americas and the South-East Asia. The official Philippine peso which is the basis of the Philippine currency now was officially established on May 1, 1852.
This was the time when the Banco Espanol-Filipino de Isable II introduced to the country. The currencies that were introduced by this bank lasted until October 17, 1854. This peso that was introduced by the bank was in limited circulation and was used primarily in bank transactions. This replaced the real that was in circulation before the introduction of the peso. The peso remained in circulation until 1886 and this was in circulation together with the Mexican coins.
The Philippine currency is designated by the peso and one peso is composed of 100 centavos or sentimos in the Filipino language. Before 1967, all the texts that can be seen on the Philippine currency are in English but after that time, the currency of the country featured the Filipino language. The modern coins that are circulation in the country right now are minted and produced at the Security Plant Complex.
Other than the coins, the plant also mints and produces the following important items:
. Bank notes
. Seaman's identification cards
. Land titles
. Official ballots
. Official Election returns
. Passbooks and a some other important government instruments
Coins that are currently circulating in the country are:
. 5 sentimo or centavos
. 10 sentimo or centavos
. 25 sentimo or centavos
. 1 piso or peso
. 5 piso or peso
. 10 piso or peso
Banknotes that are used currently in the country has its basis as well on the notes that were issued by the Banco Espanol-Filipino de Isable, which people know as the Bank of the Philippine Islands. during the 1800s, the bank issued bank notes for 10, 25 and 50 pesos which was known too as the Fuertes and by 1896, then bank added the 5 banknotes. The treasury of the country issues banknotes for 1, 4 and 25 pesos during 1877.
During the wars that involved the American, Spanish and the Filipino forces, the government added 1 and 5 peso bank notes and these banknotes carried the name of Republica Filipina. Silver certificates were issued too and the silver certificates were in circulation in the country between 1903 and 1918. The Banco Espanol-Filipino in 1904 introduced a new set of banknotes and these banknotes come in many denominations. The Banco Espanol-Filipino is a popular bank during the 1800s and this bank supplied most of the currencies that the people used during that time.
By 1912, the bank changed its name and was known as the Bank of the Philippine Islands or the BPI. This bank continued issuing bank notes and this lasted until 1933. The Philippine National Bank followed suit in 1916 as the bank also issued its currencies in the denominations of 2, 5 and 10 pesos. The PNB also issued emergency notes and this was issued in 1917. This bank also issued other denominations and these coins and banknotes were introduced by the bank between 1918 and 1937. During the time of the Japanese, the Japanese forces also issued two series of notes.
By 1949, the Central Bank of the Philippines took over the control and the production of the paper money of the country, and the first banknotes that were introduced to the country were the overprints on the Victory Treasury Certificates. This was then followed by the release of the coins and banknotes that were used in the country. This was the time when English was the language used on the coins and the banknotes in circulation in the country but by 1967, the Central Bank of the Philippines used the Filipino language on its coins and banknotes.
Currently the Philippine currency in paper is issued in these denominations:
. 20 pesos
. 50 pesos
. 100 pesos
. 200 pesos
. 500 pesos and
. 1000 pesos
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