Welcome to the History of Philippine Paper Money, a 14 part series that walks you through the history of paper money from the Spanish era through to today’s range of notes.
The Spanish Era
The first Spanish era notes were released on the 1st May 1852 and were in use until 1896. Banknotes were produced by El Banco Espanol Filipino de Isabel II (The Spanish-Filipino Bank of Isabel II) and were backed by gold or silver coins. This was the first government bank in the Philippines and as such it provided credit to the national treasury. Banknotes were released in the “peso fuerte” currency (which translates into “strong peso”). Prior to the release of these notes Mexican pesos were often used in the Philippines.
Queen Isabella II was ousted in 1869 after a revolution and the name of the bank was changed to El Banco Español-Filipino. It would later be changed to Bank of the Philippine Islands, a name that still stands today.
It should go without saying that all banknotes from the Spanish era are quite rare.
| Image | Denomination/Years | Notes |
|---|---|---|
| not acquired | 10 Pesos (10 peso fuerte) 1852-1865 (Type PA1) | Issuer: El Banco Español Filipino De Isabel II. Released 01-May-1852. |
| not acquired | 25 Pesos (25 peso fuerte) 1852-1865 (Type PA2) | Issuer: El Banco Español Filipino De Isabel II. Released 01-May-1852. |
| not acquired | 50 Pesos (50 peso fuerte) 1852-1865 (Type PA3) | Issuer: El Banco Español Filipino De Isabel II. Released 01-May-1852. |
| not acquired | 200 Pesos (20 peso fuerte) 1865 | Issuer: El Banco Español Filipino De Isabel II. |
| not acquired | 10 Pesos (10 peso fuerte) 1883 (Type PA4) | Issuer: El Banco Español Filipino. Issued under King Alfonso XII. |
| not acquired | 5 Pesos (5 peso fuerte) 1896 (Type PA7) | Issuer: El Banco Español Filipino. Issued under King Alfonso XIII. |
| not acquired | 10 Pesos (10 peso fuerte) 1896 (Type PA8) | Issuer: El Banco Español Filipino. Issued under King Alfonso XIII. |
Read on for information on banknotes from the First republic.