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, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos, small bead-like gold bits considered by the local numismatist as the earliest coin of the ancient Filipinos, and gold barter rings.

Spanish Era 1521-1897

Three hundred years of Spanish rule left many indelible imprints on Philippine numismatics, At the end of the Spanish regime, Philippine money was a multiplicity of currencies that included Mexican pesos, Alfonsino pesos and copper coins of other currencies. The cobs or macuquinas of colonial mints were the earliest coins brought in by the galleons from Mexico and other Spanish colonies. The silver dos mundos or pillar dollar is considered one of the most beautiful coins. The barilla, a crude bronze or copper coin worth about one centavo, was the first coin struck in the country.

 Coins from the other Spanish colonies also reached the Philippines and were counterstamped. 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 peso furtes, issued by the countrys first bank, El Banco Espaol Filipino de Isabel II, were the first paper money circulated in the country.

Silver Dos Mundos

Revolutionary Period 1898-1899

Asserting its independence, the Philippine Republic of 1898 under General Emilio Aguinaldo issued its own coins and paper currency backed by the countrys natural resources. 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 was also issued in 1899.

The American Period 1900-1941

The Americans instituted a monetary system for the Philippine based on gold and pegged the Philippine peso to the American dollar at the ratio of 2:1, The US Congress approved the coinage Act for the Philippines in 1903. The coins issued under the system bore the designs of the Filipino engraver and artist, Melecio Figueroa. Coins in denomination of one-half centavo to one peso were minted. The renaming of El Banco Espaol Filipino to Bank of the Philippine Islands (BPI) in 1912 paved the way for the use of English from Spanish in all notes and coins issued up to 1933. Beginning May 1918, treasury certificates replaced the silver certificates series, and a one-peso note was added.

The Japanese Occupation 1942-1945

The outbreak of World War II caused serious disturbances in the Philippine monetary system. 2 kinds of notes circulated in the country during this period. The Japanese occupation forces issued war notes in big denominations. Provinces and municipalities, on the other hand, issued their own guerrilla notes or resistance currencies, most of which were sanctioned by the Philippine government in exile and partially redeemed after the war.

The Philippine Republic

A nation in command of its destiny is the message reflected in the evolution of Philippines 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 Victory. With the establishment of the Central Bank of the Philippines in Jan3, 1949, the first currencies issued were the English series notes (1951) printed by the Thomas de la Rue and Co., Ltd. in England and the coins minted at the US Bureau of Mint. The Filipinazation of the republic coins and paper money began in the late 60s and is

 Carried through to the present. English series was followed by the Pilipino series in 1967. In the 70s, the Ang Bagong Lipunan 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 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 year later, a new set of coins and notes were issued carrying the logo of the BSP.

Medium of Exchange
Moneys most important function is as a medium of exchange to facilitate transactions. It thereby avoids the inefficiencies of a barter system, such as double coincidence of wants problem.

Unit of Account
Money also functions as a unit of account, providing a common measure of the value of goods and services being exchange.

To function as a Unit of Account, whatever is being used as money must be:

Divisible Fungible A specific weight, or measure, or size to be verifiably countable.

Store of Value
Money is a reservoir of future purchasing power. Money value can be stored in two forms: savings and investment. It must be predictably usable as a medium of exchange when it is retrieved.

Standard of Deferred Payment

This fourth function means money is used as a standard benchmark for specifying future payments for current purchases, that is buying now and paying later.

Characteristics of Good Money

General Acceptability- this is the first and most important quality of good money because on it depends its function as medium of exchange. This refers to the creditors ready acceptance or receipt of money in the settlement of his claims.

Durability- refers to its quality to withstand the normal wear and tear when used in any transactions. It should last a long period of time.
Portability- refers to its quality of being transported from one place to another with ease.

 Divisibility- means that the unit of account is divided into as many different small denominations to enable traders to settle any size of obligations or collect claims arsing from their various transactions.

Stability of Money Value- this is very important for the attainment of a stable economy. Refers to moneys purchasing power maintained to a fairly constant level for a reasonably long period of time.

 Cognizability- its quality to be easily recognized, determined and distinguished from the counterfeit or fake. Uniformity- money of the same denomination must have the same characteristics, in terms of size, shape, color, design, fineness and value. Malleability- materials used for the minting of money must be capable of being stamped or shaped with proper designs.

 Scarcity- scarce enough to be valued, not common such as sand or pebbles in the beach. Convertibiliy- the quality of a good currency is that which enables it to be freely convertible into other freely convertible currencies. Elasticity of Supply- refers to moneys quality to respond to the needs of the economy when its supply is arbitrarily changed by the monetary authority.

Commodity Money
Possesses intrinsic value Could be used for purposes other than as a medium of exchange Examples: gold, silver, salt, barley, silk, cattle

Fiat Money
Fiat means order of government Inconvertible paper money in support of which there is know reserve or specie

Standard Money
Known as the money of ultimate redemption Includes on those authorized by law as the ultimate basis of the measurement of all values into which other forms of money are finally redeemable

Representative Money
This comes in the form of certificates issued of the government certifying the effect that the government of the treasury has on deposit standard money which could be redeem to the bearers of such money on demand.

Fiduciary Money
Consists of notes promising to pay standard money or some other kinds of money on demand

Treasury Money
These are treasury certificates issued by the National Treasury before 1949

Central Bank Money

These are the notes and coins circulated by the Central Bank of the Philippines since it commenced operations in 1949.

Commercial Bank Money

These are the notes issued by the Philippine National Bank and the Bank of the Philippine Islands to supplement the treasury notes issued by the government.

Bank Money
This comes in the form of checks by current account depositors. Examples: checks, drafts, bank credits

Subsiary Coinsid
These are coins of lesser weight than the standard coins. They are coined solely on government account and are made of base metals intended to settle small transactions.

Legal Tender Money

Money designated by law to be used in settling all kinds of debts, public or private.

Security Features a) Watermark silhouette of the portrait b) Security Fibers red and blue visible fibers c) Embedded security thread vertically implanted off center. Broken line for 5-20 and straight line to 50-1000. d) Windowed Security Thread narrow security thread vertically located like stitches at the face of the note (Denom 100-1000) e) Iridescent Band wide glistening gold vertical stripe w/ the numerical value printed in series (denom 100-1000) f) Portrait g) Serial Number composed of 1-2 prefix letters and 6-7 digits.

h) Background/lacework design made up of multicolored and well defined lines i) Vignette What makes the picture stand out j) Value Panel numerals denote the denomination of the note k) Flourescent Printing exposed under ultra violet light l) Microprinting verify under the lens the presence of the microprinting on the denominations 50-1000 m) Concealed Value - located at the lower L corner of the face of 500 n) Optically Variable Ink changes color from blue to green or vice versa in 1000 denomination

5 Peso Bill

Obverse: Gen. Emilio Aguinaldo, Republika ng Pilipinas marker, Cannon, Bangko Sentral Seal

 Reverse: Philippine declaration of independence by Emilio Aguinaldo on June 12, 1898 "Pagpapahayag ng kasarinlan ng Pilipinas noong Hunyo 12, 1898"

10 Peso Bill (Original Version)

Obverse: Apolinario Mabini and a letter written by Mabini

Reverse: Barasoain Church "Simbahan ng Barasoain"

10 Peso Bill

nd (2

Edition)

Obverse: Apolinario Mabini (L) and Andres Bonifacio (R), KKK flag, Kartilya ng Katipunan, a letter written by Mabini

 Reverse: Barasoain Church "Simbahan ng Barasoain" (left), initiation rites of the Katipunan "Mga bagong kasapi ng Katipunan na lumalagda sa mga kasulatan ng KKK sa pamamagitan ng kanilang dugo" (right)

20 Peso Bill

Obverse: Manuel Quezon, Coat-of-arms of the Commonwealth, Wikang Pambansa, Saligang Batas 1935, Central Bank Seal

 Reverse: Malacaan Palace beside the Pasig River "Palasyo ng Malakanyang"

50 Peso Bill

Obverse: Sergio Osmea, Fuente Osmea (Osmea Fountain), gavel, Central Bank Seal

 Reverse: National Museum "Pambansang Museo" (formerly Legislative Building)

100 Peso Bill

Obverse: Manuel A. Roxas, raising of the Philippine flag and lowering of the American flag during the declaration of Independence in July 4, 1946, Central Bank Seal

 Reverse: Central Bank Complex along Roxas Boulevard with an inset image of the former Central Bank Building

200 Peso Bill

Obverse: Diosdado P. Macapagal, Aguinaldo Shrine in Kawit, Kavite

 Reverse: scene from EDSA II, with Gloria Macapagal-Arroyo being sworn in as president by Chief Justice Hilario Davide Jr. in January 2001

500 Peso Bill

Obverse: Benigno S. "Ninoy" Aquino, Jr., Philippine flag, Central Bank seal, dove of peace, Ninoy's typewriter with his initials ("B.S.A.J."), "Faith in our people and faith in God", "The Filipino is worth dying for", Ninoy's signature

 Reverse: scenes from Ninoy Aquino's life and some allegorical groups (see note below)

1000 Peso Bill

Obverse: Jose Abad Santos, Josefa Llanes Escoda, Vicente Lim, Eternal flame, Laurel Leaves Central Bank Seal

 Reverse: Hagdan-hagdang Palayan ng Banawe, Manunggul jar cover and Langgal hut

General Features of Philippine Coin

Ten peso coin

Five peso coin

One peso coin

25 Centavo Coin

New 20 Pesos Banknote

Security Features: (1) embossed prints (2) serial number (3) security fibers (4) Watermark (5) see-through mark (6) concealed value (7) security thread (8) Optically variable device (9) Optically variable Ink

Obverse:

President Manuel L. Quezon Filipino as National Language (1935) Malacaan Palace Seal of the Republic of the Philippines New BSP Seal

Reverse:

Banaue Rice Terraces (UNESCO World Heritage Site) Palm Civet (Paradoxurus hermaphroditus philippinensis) Weave design from the Cordilleras

New 50 Pesos Banknote - Obverse

President Sergio Osmea First National Assembly 1907 Leyte Landing Seal of the Republic of the Philippines New BSP Seal

Reverse:

Taal Lake Maliputo (Caranx ignobilis) embroidery design handcrafted in Batangas province

New 100 Pesos Banknote - Obverse

President Manuel A. Roxas Central Bank of the Philippines (1949) Inauguration of the Third Republic (4 July 1946) Seal of the Republic of the Philippines New BSP Seal

Reverse:

Mayon Volcano Whale Shark (Rhincodon typus) Indigenous textile from the Bicol Region

New 200 Pesos Banknote - Obverse

President Diosdado P. Macapagal EDSA People Power II (January 2001) Independence House

Barasoain Church Seal of the Republic of the Philippines New BSP Seal

Reverse:

Bohol Chocolate Hills Tarsier (Tarsius syrichta) handcrafted design from the Visayas in Central Philippines

New 500 Pesos Banknote - Obverse

Icons of Democracy President Corazon C. Aquino and Senator Benigno Aquino Jr. EDSA People Power I February 1986

Benigno S. Aquino, Jr. Monument Seal of the President New BSP Seal

Reverse:

Puerto Princesa Subterranean River National Park (UNESCO World Heritage Site) Blue-napped Parrot (Tanygnathus lucionensis) woven cloth from Southern Philippines

New 1000 Banknote - Obverse:

War Heroes - Josefa Llanes Medal of Honor Escoda, Vicente P. Lim, and Seal of the Republic of the Philippines Jose Abad Santos New BSP Seal Centennial of Philippine Independence (1998)

Reverse:

Tubbataha Reefs Natural Park (UNESCO World Heritage Site) South Sea Pearl (Pinctada maxima) Tinalak or Ikat-dyed abaca woven in Mindanao in Southern Philippines

What's the same?

Color schemes were maintained except for the 20 peso bill which I think has a different tone of orange. The size of all banknotes appear to have been maintained. The same paper made of abaca-cotton (80% and 20%).

So what's new with these banknotes?

More realistic portraits of former Philippine presidents and heroes Tourist destinations and notable animals found in the country on the reverse New BSP logo and Republic of the Philippines Seal New euro-like design with large numbers for easy identification. The paper used is "hygienically treated" or has antibacterial properties.

 Security features are spruced most noticeably the serial numbers which some might find weird and the security thread which is wider. A foil-like optically variable device is found in the new 500 and 1,000 peso bills.

Replacement of Currency Unfit for Circulation

Notes Identification is impossible More than 2/5 of its surface has been lost All signatures have been lost Coins Identification is impossible Filing outer part of the coin have been rubbed off Clippings outer part of the coin have been cut off Perforation Hole in its face

E-Bank Management Operation and Marketing

GROUP 1
Minard Boral Anna Maria Balandra Arra Marie Louise Dizon Katherine Pimentel Katherine Dimapilis