Philippine real
Encyclopedia
The Philippine real was the currency
of the Philippines
until 1852. Sixteen silver
real were equal to one gold
escudo.
. The inconvenience of barter later led to the use of some objects as a 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 numismatists
as the earliest coin
of the ancient Filipinos, and gold barter rings.
saw a multitude of currencies circulating in the Philippines, the most popular being the Mexican peso
. However, other currencies like the Alfonsino peso, Mexican cob coins (locally called hilis kalamay), other currencies and coins from other Spanish colonies were also used. Many of the coins that reached the Philippines came because of the Manila Galleon
which dominated trade for the next 250 years. These were brought across the Pacific Ocean
in exchange for odd-shaped silver cobs, which are also known as macuquinas. Other coins that followed were the dos mundos or pillar dollars in silver, the counterstamped coins and the portrait series, also in silver.
In the 18th century, the Royalty of Spain authorized the production of copper coins by the Ayuntamiento (Municipality) of Manila
in response to the acute shortage of fractional coins. These were called barrillas and first appeared in 1728.
In 1852, the peso
was introduced at a rate of 8 reales = 1 peso. However, not until 1864 did the Philippines decimalize and the real cease to circulate.
that reached the Philippines were counterstamped. From 1828, the word "MANILA" was stamped on the coins. In around 1830, the machinery of the "MANILA" counterstamp broke, so, in 1832, the king's initials "F 7" were used, changing in 1834 to those of his successor, "YII". When Spain recognized its former Latin American
colonies in 1837, the practice of counterstamping stopped.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
until 1852. Sixteen silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
real were equal to one gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
escudo.
Pre-Hispanic Period
Trade among the early Filipinos and with traders from the neighboring islands was conducted through barterBarter
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a...
. The inconvenience of barter later led to the use of some objects as a medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos
Piloncitos
Piloncitos are tiny engraved gold coins found in the Philippines from the 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 a medium of exchange...
, small bead-like gold bits considered by the local numismatists
Numismatics
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the...
as the earliest coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
of the ancient Filipinos, and gold barter rings.
Spanish Colonial Period
The Spanish periodSpanish colonization of the Americas
Colonial expansion under the Spanish Empire was initiated by the Spanish conquistadores and developed by the Monarchy of Spain through its administrators and missionaries. The motivations for colonial expansion were trade and the spread of the Christian faith through indigenous conversions...
saw a multitude of currencies circulating in the Philippines, the most popular being the Mexican peso
Mexican peso
The peso is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 15th–19th century Spanish dollar, most continuing to use its sign, "$". The Mexican peso is the 12th most traded currency in the world, the third most traded in the Americas, and by far the most...
. However, other currencies like the Alfonsino peso, Mexican cob coins (locally called hilis kalamay), other currencies and coins from other Spanish colonies were also used. Many of the coins that reached the Philippines came because of the Manila Galleon
Manila Galleon
The Manila galleons or Manila-Acapulco galleons were Spanish trading ships that sailed once or twice per year across the Pacific Ocean between Manila in the Philippines, and Acapulco, New Spain . The name changed reflecting the city that the ship was sailing from...
which dominated trade for the next 250 years. These were brought across the Pacific Ocean
Pacific Ocean
The Pacific Ocean is the largest of the Earth's oceanic divisions. It extends from the Arctic in the north to the Southern Ocean in the south, bounded by Asia and Australia in the west, and the Americas in the east.At 165.2 million square kilometres in area, this largest division of the World...
in exchange for odd-shaped silver cobs, which are also known as macuquinas. Other coins that followed were the dos mundos or pillar dollars in silver, the counterstamped coins and the portrait series, also in silver.
In the 18th century, the Royalty of Spain authorized the production of copper coins by the Ayuntamiento (Municipality) of Manila
Manila
Manila is the capital of the Philippines. It is one of the sixteen cities forming Metro Manila.Manila is located on the eastern shores of Manila Bay and is bordered by Navotas and Caloocan to the north, Quezon City to the northeast, San Juan and Mandaluyong to the east, Makati on the southeast,...
in response to the acute shortage of fractional coins. These were called barrillas and first appeared in 1728.
In 1852, the peso
Philippine peso
The peso is the currency of the Philippines. It is subdivided into 100 centavos . Before 1967, the language used on the banknotes and coins was English and so "peso" was the name used...
was introduced at a rate of 8 reales = 1 peso. However, not until 1864 did the Philippines decimalize and the real cease to circulate.
Coins
Copper coins were issued in denominations of 1 octavo (⅛ real), 1, 2 and 4 quartos (¼, ½ and 1 real). Coins from other Spanish coloniesSpanish Empire
The Spanish Empire comprised territories and colonies administered directly by Spain in Europe, in America, Africa, Asia and Oceania. It originated during the Age of Exploration and was therefore one of the first global empires. At the time of Habsburgs, Spain reached the peak of its world power....
that reached the Philippines were counterstamped. From 1828, the word "MANILA" was stamped on the coins. In around 1830, the machinery of the "MANILA" counterstamp broke, so, in 1832, the king's initials "F 7" were used, changing in 1834 to those of his successor, "YII". When Spain recognized its former Latin American
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
colonies in 1837, the practice of counterstamping stopped.