In April of 1899, control of the Philippine Islands was transferred from Spain to the United States as a condition of the treaty ending the Spanish-American War. One of the first tasks at hand was to develop a territorial coinage which was compatible with the old Spanish issues, but legally exchangeable with US money. The rate of exchange decided upon was two 'Filipina' Pesos to the US Dollar. The peso, along with other territorial coinage, was designed by Melecio Figueroa and entered circulation in 1903. Dies for the coins were prepared at the Philadelphia mint under the direction of chief engraver Charles E. Barber. The peso was struck at both the Philadelphia and San Francisco mints. The mint mark (S) for the branch mint (San Francisco) was punched into the die on site. The obverse of the peso exhibits Miss Liberty in an elegant gown, holding in one hand, a hammer which is striking an anvil. This is thought to symbolize the work of the Philippine people and the US in the rebuilding of the country/territory. The other hand holds an olive branch. Mount Mayon is seen in the distance. The reverse depicts a Federal shield surmounted by an eagle with outstretched wings with its' talons clutching an olive branch and arrows. The weight of the peso, between 1903-1906, was 26.96 grams with a measured diameter of 38 mm and containing .900 silver, .100 copper. In 1907, due to rising costs of silver, both the content and size of the coin were scaled back to 35 mm and .800 silver, .200 copper. In late 1941 the Japanese invaded the Philippines and by March of 1942, had defeated American forces on the Bataan Peninsula. By May the entire country was under Japanese control. Prior to capitulation of American forces at Corregidor, $15,700,000 worth of pesos was dumped (in crates) into Caballo Bay to prevent them from falling into the hands of the Imperial army. Many were recovered after the war, and though they exhibit the sometimes corrosive effects of the salt water, are very popular today. Allow me to show you some of mine........
Thanks for posting this Greenie! Just out of curiosity, did you use scuba gear or a submersible when you recovered these. You must have been pretty young. Chris
It's more damage and salt water that has created that so called patina. If you look fairly closely, you can see that most of my coins have been cleaned and scrubbed.
If you look on the reverse you can see evidence of a past harsh cleaning. Quite likely, your coin was a salvage piece that was left to re-tone.
Thank you for this very informative write-up. I always wondered why so many of this coins looked surface damaged.
