The History of Philippines Money! #PH

Summary

This video script delves into the historical significance of June 12th in the Philippines, highlighting its role in shaping the nation's post-colonial identity. It explores the evolution of Philippine currency from barter systems to modern banknotes, reflecting the country's rich history and cultural heritage. The script discusses various periods, including Spanish rule, American occupation, and Japanese occupation, showcasing how currency has adapted over time. It also touches on the current design of Philippine money, emphasizing its security features and the celebration of Filipino culture.

Takeaways

• 📆 June 12th is significant in Philippine history, symbolizing the nation's post-colonial consciousness and shared experiences.
• 📚 History books are a popular resource, but Philippine money serves as an overlooked yet vital historical resource.
• 💰 Philippine money is described as a celebration of the Filipino, woven into the fabric of social, political, and economic life.
• 🏺 The evolution of Philippine money began in the pre-Hispanic era with barter and gold barter rings, marking the earliest forms of currency.
• 🇪🇸 Spanish rule influenced Philippine currency for three centuries, introducing Mexican pesos and other currencies, and minting coins like the silver dos mundos.
• 🏛 The first bank in the country, El Banco Español Filipino de Isabel II, issued the first paper money known as pesos fuertes.
• 🏳️‍🌟 The Philippine Republic under General Emilio Aguinaldo issued its own coins and paper notes backed by natural resources after 1898.
• 🏦 The American period introduced a new monetary system based on gold, pegging the Philippine peso to the US dollar at a 2:1 ratio.
• 🇯🇵 During the Japanese occupation, two types of notes circulated: the Japanese-issued warnos and the guerilla-issued assistant currencies.
• 🌍 Post-WWII, the Philippines used old treasury certificates overprinted with 'Victory' as currency before the Central Bank of the Philippines issued new currencies.
• 🔄 The BSP has continuously updated the design and security features of Philippine banknotes and coins to enhance durability and combat counterfeiting.

Q & A

What is the significance of June 12 in Philippine history?

June 12 is important in Philippine history as it marks the day when the country recalls its shared experiences and battles against external and internal forces, shaping its post-colonial consciousness.

How does the Banco Central Philippines view Philippine money?

The Banco Central Philippines views Philippine money as more than just a medium of exchange; it is a celebration of the Filipino and is woven into the fabric of the country's social, political, and economic life.

What was the earliest form of currency in the Philippines during the pre-Hispanic era?

In the pre-Hispanic era, trade was conducted through barter, and later, objects used as a medium of exchange included gold barter rings and piloncitos, which are considered the earliest coins of ancient Filipinos.

What currencies were in circulation at the end of the Spanish regime in the Philippines?

At the end of the Spanish regime, Philippine money included a multiplicity of currencies such as Mexican pesos, alfonsino pesos, and copper coins from other countries.

What is the significance of the silver dos mundos or pillar dollar in Philippine currency history?

The silver dos mundos or pillar dollar is regarded as among the world's most beautiful coins and was one of the earliest coins brought in by Mexican galleons to the Philippines.

When did the Philippines start minting its own coins, and what was the first coin called?

The Philippines started minting its own coins during the Spanish period, and the first coin minted in the country was the barilla, a crude bronze or copper coin worth about 1 centavo.

What was the first paper money that circulated in the Philippines, and which bank issued it?

The first paper money that circulated in the Philippines was the pesos fuertes, issued by the country's first bank, El Banco Español Filipino de Isabel II.

What did the Philippine Republic issue as its currency when it came into being in 1898?

When the Philippine Republic was established in 1898, it issued its own coins and paper notes, including one peso and five peso notes, and two sentimos, all backed by the country's natural resources.

How did the American period influence the monetary system in the Philippines?

During the American period, a new monetary system was instituted based on gold, with the Philippine peso backed by the American dollar at a ratio of two to one. The US Congress approved the Coinage Act for the Philippines in 1903.

What significant change occurred in Philippine currency during the Japanese occupation?

During the Japanese occupation, two kinds of notes circulated in the country: the big denomination warnos issued by the Japanese, and guerrilla notes or assistant currencies issued by provinces and municipalities.

When did the Central Bank of the Philippines start issuing its own currency, and what was the first series like?

The Central Bank of the Philippines started issuing its own currency in 1949, using old treasury certificates overprinted with the word 'Victory' as currency. The first currencies in the form of English series notes were printed by Thomas De La Rue in England and the coins were minted at the United States Bureau of Mint.

What was the 'Filipinization' of Philippine currency, and when did it begin?

The 'Filipinization' of Philippine currency refers to the process of incorporating more Filipino elements into the design of coins and paper money. This process began in the late 1960s and continues to the present day.

What major redesign was announced by the BSP in 2009, and when were the new banknotes released?

In 2009, the BSP announced a massive redesign of current banknotes and coins to enhance security features and improve durability. The initial batch of new banknotes was released on December 16, 2010.