Philippine peso
Worldwide use:
- Philippines
Description:
The Philippine Peso is the official currency of the Philippines. Based on the price of Gold at the time of writing, the Philippine Peso has lost 99.9328% of its 1903-1949 value since the old silver coins were taken out of circulation. The coins in circulation today are the 1, 5, 10 and 25 Sentimo and the 1, 5 and 10 Peso coin. The notes are the 20, 50, 100, 200 and 500 Peso.
Following independence on 12th June 1898, the Republica Filipina issued its own coins and bank notes. The coins were the first to use the name Centavo, a sub unit of the Peso.
Origin:
In 1861, under the authorization of Queen Isabel II, the Casa de Moneda de Manila (Philippine Mint) was created, to remedy the confusion of the differing coinage in circulation. Between 1902 and 1946 the Phillipines was a colony of the USA and English was used on the currency, with the "Peso" remaining from the Spanish colonial period from 16th to 19th century. Since converting to the Filipino language (Tagalog) the term "Piso" is now used on the notes and Sentimo on the coins.
Component units:
- centavos (100)
Date introduced:
- 1949
Central bank:
- Bangko Sentral ng Philipinas
Printer:
- The Security Plant Complex
Mint:
- The Security Plant Complex
