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HISTORY OF PHILIPPINE CURRENCY

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1193- United States of America abandoned the gold standard when the United States President; Franklin Delano Roosevelt inproclaimed the gold embargo in territories and colonies.

1521 - -Philippines was already having trade relations with nearby countries such as Java, China, Siam and Macau.

8th-14th Century -- the penniform gold barter ring was being
used in trading with foreign marchants.

1521 -- trade was conducted by using irregular shaped coins, hammered in Mexico. Varieties of these silver
coins were popularly called “hilis kalamay.”

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1571 --The Spanish Regime started

1732-1772 --The Spanish Dos Mundos also known as the Mexican pillar dollar were struck at the Mexican Mints.

1766 --a second coin was minted in the Philippines, known as colderillas.

1770 --the Spanish government ordered from the mint of Spanish Mexico 6,000 silver quartillos

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1798-1807 --The quartos bearing the breast of Carlos IV were issued

1814 --Manila was made a port of entry to foreign ships. Trade flourished and various coins were circulating in the Philippines.

1820-1830 --the octavos and cuartos with the inscription bearing similar designs were circulated

1852 --the first Philippine bank note was printed. It was called the pesos Fuertes issued by the El Banco Espanol-Filipino de Isabel II

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1855 --the Eve pesetas silver coins were circulated. These coins were believed to have been minted either in Madrid or in Paris.

1859 --20.40 and 80 Reaux (reals) were issued. It had the following words
engraved on the overse side: “Isabelle II Reiner D' Espangne".

1861-1864 --gold coins were issued in denominations of one, two and four pesos bearing the bust of Queen Isabel II.

1864-1868 --silver coins of 10, 20, 50 centavos were minted.
It had a diameter of 18, 23 and 30 respectively.

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1877 --a royal decree was promulgated to allow Manila Mint to coin silver
coins of the same fineness as the Spanish coins of .835 instead of the .900.

1880 --gold coins were minted of the same weight and fineness as the
previous ones. It bore the bust of King Alfonso XIII. It bore the bust of King Alfonso XIII.

1880 --the value of silver peso was higher than that of the American gold
Dollar

1886-1931 —Fractional coins were minted in denominations one
centavo and two centavos made of copper specifically in 1894. It had the
diameters of 20 and 30 millimeters respectively. It bore the inscriptions:
Alfonso XIII P.L.G.D.D. REY C DE ESPANA with the bust of King Alfonso XIII on its reverse.

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1887 --the Isabel silver one real was issued and the word Manila was engraved below the neck of Queen Isabel II

1887 --the first Treasury Certificates were issued bearing the official seal
of the Philippine Government. It bore the signatures of Clem de Santiago,
the Insular Treasurer.

1897 --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

1898 August 28,  - American regime started in the Philippines.

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1898 December 10- termination of the "Treaty of Paris"

1899 - Emilio Aguinaldo issued coins minted in denominations of two centimos which where made of copper.
America Regime

1899 February 6 - the sovereignty of the United States over the Philippines was established.

1901 - an American expert in Banking and Finance, Charles Conant came to the Philippines as financial adviser.

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1902 July - known as the Gold Exchange Standard

1903 March 2, - passed the Philippine Coinage Act

1903 to 1906 - price of silver in the market increased which resulted to the exportation of Philippine coin to China.

1904 - currencies circulating in the country were allowed to continue

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1934- Under the Gold Reserve  Act of 1934, the dollar had to be devalued for 25.8 grains of gold

1944, July 4,- after the American forces defeated the Japanese imperial
army

1949 -Central Bank was established to improve the
exchange controls and to adopt the manage currency standard.

1956 June 16 - 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.

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1980s - 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.

2001 May and June -  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.