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    History of The Philippine Money

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    Jullie Bañados
    The Philippines originally used a barter system for trade but later adopted gold coins as a standardized currency. When the Spanish arrived in 1521, they introduced the teston silver coin which became the main currency. During Spanish rule, several currencies circulated including pesos. The peso fuerte became dominant and was the first paper money issued by the Philippines' first national bank. After independence from Spain in 1898, the Philippines produced its own coins and paper money called the revolutionary peso. When the US gained control in 1901, they replaced this with a new currency. In 1967, peso bills and coins began displaying Tagalog words like "piso" and "sentimo" to better reflect the national identity.

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    History of The Philippine Money

    Uploaded by

    Jullie Bañados
    35 views1 page
    The Philippines originally used a barter system for trade but later adopted gold coins as a standardized currency. When the Spanish arrived in 1521, they introduced the teston silver coin which became the main currency. During Spanish rule, several currencies circulated including pesos. The peso fuerte became dominant and was the first paper money issued by the Philippines' first national bank. After independence from Spain in 1898, the Philippines produced its own coins and paper money called the revolutionary peso. When the US gained control in 1901, they replaced this with a new currency. In 1967, peso bills and coins began displaying Tagalog words like "piso" and "sentimo" to better reflect the national identity.

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    HISTORY OF THE PHILIPPINE MONEY.docx

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    The Philippines originally used a barter system for trade but later adopted gold coins as a standardized currency. When the Spanish arrived in 1521, they introduced the teston silver coin which became the main currency. During Spanish rule, several currencies circulated including pesos. The peso fuerte became dominant and was the first paper money issued by the Philippines' first national bank. After independence from Spain in 1898, the Philippines produced its own coins and paper money called the revolutionary peso. When the US gained control in 1901, they replaced this with a new currency. In 1967, peso bills and coins began displaying Tagalog words like "piso" and "sentimo" to better reflect the national identity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views1 page

    History of The Philippine Money

    Uploaded by

    Jullie Bañados
    The Philippines originally used a barter system for trade but later adopted gold coins as a standardized currency. When the Spanish arrived in 1521, they introduced the teston silver coin which became the main currency. During Spanish rule, several currencies circulated including pesos. The peso fuerte became dominant and was the first paper money issued by the Philippines' first national bank. After independence from Spain in 1898, the Philippines produced its own coins and paper money called the revolutionary peso. When the US gained control in 1901, they replaced this with a new currency. In 1967, peso bills and coins began displaying Tagalog words like "piso" and "sentimo" to better reflect the national identity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    HISTORY OF THE PHILIPPINE MONEY

    Long before the country we live in was known as the Philippines, people were
    already exchanging goods and services with each other and people from neighbouring
    areas. They did so through ‘barter trade,’ which means that for instance someone would
    trade a cow or chicken directly for someone else’s knife or hammer. The impracticality
    of this barter trading led people to assign certain set values to mediums of exchange.
    As gold was plentiful in the Philippines at the time and relatively easy to turn into
    desired shapes, bead-and-ring-shaped pieces of gold quickly became the method of
    payment, effectively functioning as coins. Like all nations, the Philippines first main form
    of trade was through direct barter exchange.
    With the Spanish entered the country in 1521, their silver coin the ‘teston’ became
    the main Filipino currency, serving as the most important method of trade between the
    Spanish and Filipinos. During the Spanish regime, the Philippines possessed a melting
    pot of currencies, which included Alfonsino pesos and Mexican pesos, among quite a
    number of others. The peso fuerte (or the ‘strong peso’) would become the dominant
    currency in the later stage of the Spanish colonial period, being the first Filipino currency
    issued on paper money, and being issued by the country’s first national bank. After
    reaching independence from the Spanish in 1898, the Philippines started producing its
    own currency—both coins and paper money—which replaced the peso fuerte. During this
    time, the term ‘centavo’ was introduced to name the subdivision of peso coins into cents.
    After 1901, when the Americans started to take control of the Philippines, this
    ‘revolutionary peso’ was yet again replaced.

    In 1967, the language on all types of peso money got changed to Tagalog.
    Although in everyday writing the spelling of ‘peso’ still reigns supreme, peso bills since
    the 1960s display the word ‘piso.’ Likewise, though coins since that time display the word
    ‘sentimo,’ ‘centavo’ remains of course the more commonly used term. Nowadays, all
    Philippine currency has been named to its Tagalog roots, and primarily feature national
    heroes, landmarks, and natural resources. Still, with this act of localization, the Philippine
    peso has been brought a step closer to our national identity. We will see what the future
    brings us with regards to developments around the peso.

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