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<p>[QUOTE="horge, post: 431942, member: 7167"]Great trivia!</p><p>I'm late to this thread... but here goes <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>The coins were also known as the "resellados". While the matter of sovereign dignity </p><p>certainly helped impel the decision to alter foreign coins, there was also the matter of </p><p>generating some revenue.* </p><p><br /></p><p>The Philippines were partly subsidized by Nueva España, and when the latter won their</p><p>independence, Spain's Asian archipelago was cut off not only from a source of coin,</p><p>but a source of government funds. This annual fund is generalized as the "situado",</p><p>tied to the almojarifazgo (customs duties) collected at Acapulco on the galleon</p><p>cargo farriving from Manila....but I digress... bottom line is that Manila.gov needed to</p><p>find new revenue streams.</p><p><br /></p><p>Philippine Governor-General Mariano Ricafort y Palacin in October 1828 opened an </p><p>"Oficina de Resello", (Office of counterstamping) to mark and revalidate all foreign coin, </p><p>for a 1% fee. Of course, he also decreed all foreign coin verboten from commerce, save </p><p>those that had been restamped by said office. The Trading Houses across the Pacific </p><p>were still plying the old galleon route, and had no choice but to comply.</p><p><br /></p><p>The bronze restamping press was weak and broke down pretty quickly, January of 1829. </p><p>The fee was raised to 2% to cover losses, but when a steel press was imported from India, </p><p>the Oficina (idiotically) thought they could dispense with annealling the coins first, and so </p><p>the steel press broke down too (1831). That is when the Philippines shifted to using small </p><p>punches bearing a royal monogam to validate foreign coins for local use.</p><p><br /></p><p>Queen Isabel II (or rather, the Queen mother, since Isabel was still a child) declared</p><p>recognition for the sovereignties of Spain's former American territories in early 1836,</p><p>and the Philippines officially abandoned countermarking in March of 1837, although</p><p>traders fearful that consumers were ignorant of this relaxation continued to request</p><p>counterstamping (which the government was happy to profit from) up to 1839.</p><p><br /></p><p>The program was an outright failure, and the failure discouraged any approval from Spain</p><p>for the creation of a badly needed mint in Manila (remember, the Philippines no longer</p><p>had a source of proper colonial coin, since the 1810's!), for yet another 20 years.</p><p><br /></p><p><br /></p><p>Hey, it's a slow day here.</p><p><img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" /></p><p>h.</p><p><br /></p><p><br /></p><p>* Fears of foreign coin legends inspiring Filipinos to rebel seem to have been grossly inflated.</p><p>The Philippines had a reputation for sticking loyally with Spain while other colonies broke away.</p><p>It was only when Spain unfairly revoked Philippine representation in Spanish Parliament </p><p>(taxation without representation: familiar, no?) in the very late 1800's, that many Filipinos </p><p>decided they were better off independent. Unfortunately the United States of America disagreed,</p><p>but that's a whole other story, and a whole different mess o' coins... LOL.[/QUOTE]</p><p><br /></p>
[QUOTE="horge, post: 431942, member: 7167"]Great trivia! I'm late to this thread... but here goes :) The coins were also known as the "resellados". While the matter of sovereign dignity certainly helped impel the decision to alter foreign coins, there was also the matter of generating some revenue.* The Philippines were partly subsidized by Nueva España, and when the latter won their independence, Spain's Asian archipelago was cut off not only from a source of coin, but a source of government funds. This annual fund is generalized as the "situado", tied to the almojarifazgo (customs duties) collected at Acapulco on the galleon cargo farriving from Manila....but I digress... bottom line is that Manila.gov needed to find new revenue streams. Philippine Governor-General Mariano Ricafort y Palacin in October 1828 opened an "Oficina de Resello", (Office of counterstamping) to mark and revalidate all foreign coin, for a 1% fee. Of course, he also decreed all foreign coin verboten from commerce, save those that had been restamped by said office. The Trading Houses across the Pacific were still plying the old galleon route, and had no choice but to comply. The bronze restamping press was weak and broke down pretty quickly, January of 1829. The fee was raised to 2% to cover losses, but when a steel press was imported from India, the Oficina (idiotically) thought they could dispense with annealling the coins first, and so the steel press broke down too (1831). That is when the Philippines shifted to using small punches bearing a royal monogam to validate foreign coins for local use. Queen Isabel II (or rather, the Queen mother, since Isabel was still a child) declared recognition for the sovereignties of Spain's former American territories in early 1836, and the Philippines officially abandoned countermarking in March of 1837, although traders fearful that consumers were ignorant of this relaxation continued to request counterstamping (which the government was happy to profit from) up to 1839. The program was an outright failure, and the failure discouraged any approval from Spain for the creation of a badly needed mint in Manila (remember, the Philippines no longer had a source of proper colonial coin, since the 1810's!), for yet another 20 years. Hey, it's a slow day here. ;) h. * Fears of foreign coin legends inspiring Filipinos to rebel seem to have been grossly inflated. The Philippines had a reputation for sticking loyally with Spain while other colonies broke away. It was only when Spain unfairly revoked Philippine representation in Spanish Parliament (taxation without representation: familiar, no?) in the very late 1800's, that many Filipinos decided they were better off independent. Unfortunately the United States of America disagreed, but that's a whole other story, and a whole different mess o' coins... LOL.[/QUOTE]
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