<p>
The designs of the peso, half peso, peseta, and centavo were made by a Filipino, Mr. Melecio Figueroa. Over 17 million dollars of these attractive 

coins were received in 1903. Furthermore, paper certificates, furnishing a portable and convenient currency, were printed at Washington,  the most 

commonly used piece, two pesos, bearing the effigy of Dr. Jose Rizal. 
</p>
<div class="image-500">
<img loading="lazy" src="https://cdn.kahimyang.com/resources/us_phil_coin.webp" alt=""US-Philippine coinage of 1903" />
<div>
(The peso coin received in the islands 1903)
</div>
</div>

<p>
Mexican money, no longer acceptable for taxes or legal tender, was driven out of the Islands, while the old Spanish-Filipino coins were redeemed by 

the government. 
</p>

<p>
The Spanish government of the Philippines late in its life established a Spanish-Filipino coinage and a mint was created in Manila.  It was located in the building called <i>Casa de Moneda</i>.  At the commencement of American occupation Mexican money flowed back into the Archipelago and became,  among with other foreign coins,  the common medium of exchange.   There was a lack of coinage, especially of small coins.   In Northern Luzon copper 

forgeries, called <i>"sipings"</i>,  made by the <i>Igorot</i> of Mankayan district, freely circulated.
</p>

<p>
During the first two years of American occupation Mexican pesos were valued at half an American dollar.  But in 1901 the value of silver began to 

fall all over the world and a Mexican dollar ceased to be worth fifty cents gold. The depreciation continued by gradual downward stages throughout 

succeeding months until in March 1903, it required 2 pesos and 66 centavos to equal in value a dollar of gold.  The loss to labor and to business was 

very great. A person receiving a wage or salary in silver found the purchasing power of his income was rapidly lessening. Prices were disturbed. As 

the government was still receiving Mexican money in payment of taxes and customs its revenues were seriously affected.  The losses to individuals ran 

into untold sums.
</p>

<p>
This creation of a convenient money was one of the finest triumphs of the government. Its advantages were appreciated immediately by all classes, and 

contrary to expectations, the Filipinos even in remote parts of the islands,  quickly familiarized themselves with the paper currency and accepted it 

willingly.
</p>


<h4>
Source:
</h4>
<ol class="article-sources">
<li>
History of the Philippines, pages 318-319,  David Barrows,  Chicago, 1925. 
</li>
<li>
Photo credit:  Central Bank of the Philippines
</li>
</ol>



May 2, 1902: the US Congress passed an act authorizing a coinage system for the Philippines