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Importance of Money
Money simplifies matters
Medium of exchange Standard of value Store of value Standard of deferred payment
Classifications of Money
Money according to material used Money according to the character of the issuer Money according to popularity Money according to face value
Money is used for the purposes other than as a medium of exchange if so desired like rice, salt, sugar and the like satisfying physiological needs
Paper money
High quality paper materials are used to stand a long period of time and to minimize counterfeiting
Bank money
These are checks or other paper notes issued by financial intermediaries
Fiat money
They are inconvertible paper money with no reserve Also called credit or fiduciary money Face value if higher than the value of paper-material used
Subsidiary coins
Representative-full bodied money made of base metals to settle small transactions. Not advisable for use in big transactions thereby having limited legal tender power.
Important concepts
Mint the place for manufacture of money Minting or coining or coinage is the process of manufacturing money Kinds of coinage:
Free coinage the government defines sizes, shapes, weight and designs of coins but allows people to bring their precious metal to the mint to convert such into standard coins.
People or owners of these metals are charge with brassage or seigniorage fee.
Important concepts
Kinds of coinage:
Gratuitous coinage total responsibility for minting is borne by the government Limited coinage government purchases precious metal in an open market and mint them as a medium of exchange at face value higher than material content to facilitate trade.
Monetary System
In any country the monetary system consists of the aggregate of money in use, the values of the various types of money being organically related to one another in both formal and substantive ways. In a system, there is a standard money and unit of account and every type of money is either a multiple or sub-multiple of that unit, that is, there are various denominations. There is provision for converting one type of money into another, or redeeming fiduciary money by standard money, on a parity or other basis.
Monetary System
The monetary system of a country is a national affair
The central government usually acquires a monopoly or near control of the monetary affairs. The monetary system in a country is determined by law
Each country enacts its own coinage, banking and other monetary legislations. Stability of money is more frequently used to signify the constancy of its purchasing power over goods in general.
Silver standard
Pre-Hispanic Era
Trade among the early Filipinos and with traders from the neighboring islands was conducted through barter.
The inconvenience of barter later led to the use of some objects as medium of exchange.
Gold Piloncitos - small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient Filipinos gold barter rings.
Gold coins with the portrait of Queen Isabela were minted in Manila.
Silver pesos with the profile of young Alfonso XIII were the last coins minted in Spain. The pesos fuertes, issued by the countrys first bank, the El Banco Espanol Filipino de Isabel II, were the first paper money circulated in the country.
One peso and five peso notes printed as Republika Filipina Papel Moneda de Un Peso and Cinco Pesos were freely circulated. 2 centimos de peso copper were also issued in 1899.
A nation in command of its destiny is the message reflected in the evolution of Philippine money under the Philippine Republic. Having gained independence from the United States following the end of World War II, the country used as currency old treasury certificates overprinted with the word Victory.
With the establishment of the Central Bank of the Philippines in 1949, the first currencies issued were the English series notes printed by the Thomas de la Rue & Co., Ltd. in England and the coins minted at the US Bureau of Mint. The Filipinization of the Republic coins and paper money began in the late 60s and is carried through to the present.
In the 70s, the Ang Bagong Lipunan (ABL) series notes were circulated, which were printed at the Security Printing Plant starting 1978. A new wave of change swept through the Philippine coinage system with the flora and fauna coins initially issued in 1983. These series featured national heroes and species of flora and fauna.
The new design series of banknotes issued in 1985 replaced the ABL series. Ten years later, a new set of coins and notes were issued carrying the logo of the Bangko Sentral ng Pilipinas.
The series of coins that resulted from this decision is often referred to as "CONANT COINS" after Charles A. Conant, an American monetary expert.
Macuquinas
Barilla
This uniface cast bronze (copper) piece signals the start of specifically Philippine coinage under Spain. It is inscribed at the center with the royal seal of the City of Manila, dated 1728 (perhaps its first year of issue) and labelled "BARILLA" (a name carried over to today's bariya meaning small change which it probably was at that time).
Counterstamped Coins
On the left is a set of silver coins of the Isabel II series in 50, 20 and 10 centimos de peso denomination all dated 1868. On the right is a similar set of the Alfonso XII series all dated 1885. All the above were minted by the Casa de Moneda de Manila. At center is the crown-size silver peso of Alfonso XIII dated 1897 which was minted in Madrid for Philippine circulation
Obverse and reverse of the famous 1906-S Philippine Peso (38 mm) designed and engraved by Melencio Figueroa and minted in San Francisco, California. It is the most popular and the signature coin of the U.S. - Philippine Series
Victory Notes