# data[].attributes.body
The prevailing medium of exchange was barter although there were already some coins circulating in our country Commodity money such rice, coffee, sugar, rolled silver wires, gold dust, gold, cowry money, silver nuggets which were accepted for their weights and purity and the carabao which is our domestic animal were used as money.

# data[].attributes.body
The penniform gold barter ring was being used in trading with foreign merchants. It is a coin made of gold in the form of a ring with a diameter of about half an inch. It had neither designs nor inscription

# data[].attributes.body
the Philippines was already having trade relations with nearby countries such as Java, China, Siam and Macau

# data[].attributes.body
After the arrival of the Spaniards  trade was conducted by using irregular shaped coins, hammered in Mexico, Varieties of these silver coins were popularly called “Hilis Kalamay” which bore the seals of the Spanish rulers Charles II, Philip IV, and Philip V.

# data[].attributes.body
The Spanish regime started, Coins that were minted in Mexico like the silver cobs which are called cabo de bara de plata in Spanish were known to be the first coins that were widely circulated during and after the reign of King Philip II.

# data[].attributes.body
During the reign of King Phillip V that was in , the first coin minted in the Philippines was called he Spanish Barilla. It was made of brass and was valued at one centavo. It had an inscription which read as “Barilla Ano de 1728” in which the coat of  arms of Manila was engraved on the center of the coin. It was crudely struck and it reverse is blank. Incidentally, this is how we got the term barya which means loose change today.

# data[].attributes.body
the Spanish government ordered from the mint of Spanish Mexico 6,000 silver quartillos. These coins were minted specifically for the Philippines. It had a diameter of 11.5 millimeters

# data[].attributes.body
Manila became one of the major centers of trade in the Far East.

# data[].attributes.body
a second coin was minted in the Philippines, known as colderillas. It was about half the size of the Spanish barilla and was made of copper: It had the shape of a parallelogram. It was valued at approximately one centavo. It was issued to augment the shortage of the coins circulating due to the Spanish-English war of 1762-1764

# data[].attributes.body
These silver dollars used in trade in the Far East acquired the chop mark, which are local certifications of weight and essay. During the reign of Ferdinand VII the coins bearing his head were generally circulated. They were made of silver and contained 8 reals with the inscription Ferdinand ‘Vil deigratia with the overse Fern VIIP.L.G ED. Y. LA CONST. RE. LAS E. the reverse showed VTRAC, VLTR. PROTEG

# data[].attributes.body
Manila was made a port of entry to foreign ships. Trade flourished and various coins were circulating in the Philippines

# data[].attributes.body
the actavos and cuartos with the inscription bearing similar designs were circulated. Meanwhile, Mexico, Peru, Bolivia, Chile, Argentina and other countries in the Central and South America became independent from Spain, after a successful war.

# data[].attributes.body
The Spanish authorities, fearful that the coins might imply recognition of the insurgent countries ordered the coins coming from these countries to be over struck. These counters marked coins were made legal tender in the Philippines.

# data[].attributes.attachment_link.title
Manila Spanish Compania de Voluntarios Oct 1896

# data[].attributes.body
the first Philippine bank note was printed. It was called the pesos Fuertes issued by the El Banco Espanol-Filipino de Isabel II

# data[].attributes.body
the five pesetas silver coins were circulated. These coins were believed to have been minted either in Madrid or in Paris.

# data[].attributes.body
The circulation of these multiple currencies resulted to a disorderly conduct of trade. To solve the situation, the Spanish government under Queen Isabel II decreed in 1857 the establishment of the Manila Mint, which started its operation

# data[].attributes.body
gold coins were issued in denominations of one, two and four pesos bearing the bust of Queen Isabel II.

# data[].attributes.body
During the reign of King Alfonso XIII (1874-1885) more coins were minted, They were in the denomination of 10,20, and 50 centavo silver coins.

# data[].attributes.body
the value of silver peso was higher than that of the American gold dollar

# data[].attributes.body
the Isabel silver one real was issued and the word Manila was engraved below the neck of Queen Isabel II.

# data[].attributes.body
Fractional coins were minted in denominations of one centavo and two centavos made of copper specifically in 1894. Ithad the diameters of 20 and 30 millimeters respectively

# data[].attributes.body
-the one peso silver coins bearing the bust of the young King Alfonso XIII were issued

-several coins were received by the Philippines from the Spanish government in Madrid to alleviate a shortage of coins because of the great increase of world trade which affected the country

# data[].attributes.body
Emilio Aguinaldo issued coins minted in denominations of two centimos, which were made of copper

# data[].attributes.body
The American regime started in the Philippines .This was the date when the  American Military Governor started to perform his official duties. After the termination of the ‘Treaty of Paris, which was signed on December 10, 1898 and ratified by the American Senate on February 6, 1899, the sovereignty of the United States over the Philippines was established.

# data[].attributes.body
an American expert in Banking and Finance, Charles Conant came to the Philippines as a financial adviser of the government. He then recommended a monetary system for the country, which was the gold exchange standard. The monetary unit was based on gold.

# data[].attributes.body
The American Congress acted upon this recommendation, when they passed the Philippine Coinage Act contained in the organic Act of July 1902, known as the Gold Exchange Standard.

# data[].attributes.body
The price of silver in the market increased, which resulted to the exportation of the Philippine coin to China. This depleted our supply of coins so people begun to hoard it.

# data[].attributes.body
With the volume of trade increasing due to the increased demand for Philippine products. the money supply of the country was insufficient to meet the needs of trade. To remedy this, the newly created Philippine National Bank was authorized to issue the Philippine Bank Notes. These notes were not legal tender, It was payable to the bearer and the bearer was promised the corresponding equivalent in treasury certificates, a silver peso or subsidiary coins

# data[].attributes.body
The United States of America abandoned the gold standard when the United States President; Franklin Delano Roosevelt proclaimed the gold embargo in his territories and colonies

# data[].attributes.body
When the Japanese forces occupied the Philippines, they issued a great quantity of paper bills called the Japanese War Notes, these were popularly known as the “Mickey mouse” money, these bills had no reserves, neither was it backed up by any government asset.

# data[].attributes.body
after the American forces defeated the Japanese imperial army, the Philippine Commonwealth was established under President Sergio Osmena. The president issued executive order 4049 where he declared all Japanese currency circulating in the Philippines “illegal”, He ordered the closing of all banks and declared the withdrawal of all Philippine National Bank notes from circulation

# data[].attributes.body
the paper money denominated in P200 and P500 were demonetized or withdrawn  from circulation although these were returned again with a different design and color

# data[].attributes.body
about 70% of total credit outstanding in Pakistan was estimated to be in the informal sector, and about 80% of all informal credit was in agriculture.

# data[].attributes.body
the State Bank of Pakistan was said to have turned to hawala shops in Islamabad to buy dollars in order to support the own currency Even top-ranking Western corporations tum to hawaladars for transactions to regions without a modern western-style banking system