MYKOYNS
Philippine Numismatics
REPÚBLICA FILIPINA CURRENCY
República Filipina Currency: Revolutionary Coinage and Banknotes (1898–1901)
Following the Philippine declaration of independence from Spain in 1898, the revolutionary government established the First Philippine Republic, commonly known as the Malolos Republic, in 1899. As part of its effort to assert national sovereignty and organize a functioning state, the new government authorized the issuance of its own revolutionary currency.
However, the First Philippine Republic existed only briefly, from 1899 until 1901, during the early years of the Philippine–American War. As a result, the coins and banknotes issued during this period were produced in limited quantities and circulated only for a short time.
These currencies were authorized by the Malolos Congress, the legislative body of the República Filipina. Through these issues, the revolutionary government attempted to establish a unified monetary system for the newly declared nation. Unlike earlier Spanish-Philippine monetary systems—particularly the decimal coinage and banknotes introduced in the late colonial period—these notes and coins were supported primarily by the revenues and authority of the revolutionary government.
Role in Philippine Currency History
These currencies were among the earliest monetary issues authorized by an independent Philippine government. Their issuance reflected the revolutionary government’s effort to create a unified monetary system for the newly declared nation and to assert national sovereignty through its own coins and banknotes.
Because the República Filipina existed only for a short period, both its coins and banknotes were produced in limited quantities. Today, these revolutionary-era currencies are considered rare and historically significant, representing one of the earliest attempts to establish an independent Philippine monetary system.
Historical Significance
These revolutionary issues remain historically important as the first currencies authorized by an independent Philippine government.
Revolutionary Coinage
Panay Issue
Coins attributed to Panay Island were struck in the 1 centavo denomination. These coins are believed to have been produced locally to support regional economic activity during the revolutionary period.
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Denomination: 1 centavo
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Obverse: bust of a soldier, inscription “República Filipina,” and year of issue
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Reverse: sun within a triangle, the word “Panay,” and the denomination written in words
1899 1 Centavo, Image Source: Standard Catalog of World Coins 1801-1900, 8th Edition
Malolos Issue
Malolos, Bulacan, is identified as the other known local issuer of revolutionary coinage from this period.
1899 2 Centavos Type 1 & 2, Image Source: Standard Catalog of World Coins 1801-1900, 8th Edition
1899 2 Centavos Type 3, Image Source: Standard Catalog of World Coins 1801-1900, 8th Edition
Denominations and Issues
Revolutionary coinage was issued in 1 centavo and 2 centavos denominations, with known issues from Panay Island and Malolos, Bulacan.
Revolutionary Banknotes
In 1898, the Malolos Congress authorized the issuance of paper currency to support the financial needs of the revolutionary government. These banknotes began circulating in 1899 in denominations of 1 peso, 2 pesos, 5 pesos, 25 pesos, 50 pesos, and 100 pesos.
Because of the unstable political situation and the short existence of the revolutionary government, these banknotes circulated only briefly.
1898 1 & 5 Pesos Banknotes, Image Source: Standard Catalog of World Coins 1801-1900, 8th Edition
Denominations and Issues
Although several denominations were authorized, only the 1 peso and 5 pesos denominations are known to have circulated widely.
Collector Quick Reference
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Type: Decimal
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Minting Period: 1899
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Common Denominations: 1 Centavo; 2 Centavos
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Panay: 1 Centavo
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Malolos: 2 Centavos
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Issuing Authority
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Panay Mint – Panay Island
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Malolos Mint – Malolos, Bulacan
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Key Features
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Panay Coin Issue
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Obverse: bust of a soldier, inscription “República Filipina,” and year of issue
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Reverse: sun within a triangle, the word “Panay,” and the denomination written in words
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Malolos Coin Issue
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Denomination: 2 centavos
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Known types: three
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Types 1 and 2
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Obverse: sun with rays flanked by three stars, the inscription “República Filipina,” and the date of issue
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Reverse: sprig and a bell pepper flanking the denomination value, with the word “Libertad” above and the denomination written in words below
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Diagnostic difference: the date size differs, with one small-date variety and one large-date variety
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Type 3
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Obverse: triangle with a star at each corner and a radiant sun at the center, with the inscription “República Filipina” and the date of issue
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Reverse: wreath encircling the denomination at the center
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Type: Banknote
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Issuing Period: 1898
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Known Denominations: ₱1, ₱2, ₱5, ₱25, ₱50, ₱100
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Known Widely Circulated Denominations: 1 peso and 5 pesos
Summary
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República Filipina currency was issued after the declaration of independence from Spain.
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It was authorized by the Malolos Congress as part of the revolutionary government’s effort to organize a functioning state.
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The series was produced and circulated only briefly from 1899 to 1901.
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These issues represent one of the earliest attempts to establish an independent Philippine monetary system.
References & Sources:
Bangko Sentral ng Pilipinas – "History of Philippine Money."
Ocampo, Ambeth R. "Yaman: History and Heritage in Philippine Money." Manila: Bangko Sentral ng Pilipinas, 2020.
Basso, Aldo P. "Coins, Medals and Tokens of the Philippines." Menlo Park, CA: Chenby Publishers, 1968.
Selected numismatic articles, auction archives, and collector references used for comparative study.
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Published Date: 5/18/2025
Last Updated: 3/7/2026