MYKOYNS
Philippine Numismatics
República Filipina Currency (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 traditional colonial currencies backed by gold or silver reserves, these notes and coins were supported primarily by the revenues and authority of the revolutionary government.
Today, these revolutionary-era currencies are considered rare and historically significant, representing one of the earliest attempts to establish an independent Philippine monetary system.
Quick Collectors Reference:
Revolutionary Coinage (First Philippine Republic)
Coin System: Decimal
Minting Period: 1899
Primary Metal: Copper
Known Denominations
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1 Centavo
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2 Centavos
Major Mint Locations
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Panay Mint – Panay Island
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Malolos Mint – Malolos, Bulacan
Key Design Elements
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Panay Issues
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Bust of a revolutionary soldier
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Sun within a triangle
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Inscription: “República Filipina”
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Malolos Issues
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Type I & II
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Large and small date varieties
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Inscriptions: “República Filipina” and “Libertad”
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Type III
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Inscription: “República Filipina”
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Triangle with three stars and a sun
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Revolutionary Banknotes (First Philippine Republic)
Type: Revolutionary Banknotes
Printing Period: 1899
Known Denominations: ₱1, ₱2, ₱5, ₱25, ₱50, ₱100
Key Design Elements
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Ornamental border designs
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Ticket-like layout and typography
República Filipina Coins - 1899
Two known local issues of revolutionary coinage are attributed to this period: Panay Island and Malolos, Bulacan.
Panay Coin Issue
Coins attributed to Panay Island were struck in the 1 centavo denomination.
The obverse features the bust of a soldier together with the inscription "República Filipina" and the year of issue. The reverse displays a sun within a triangle, accompanied by the word Panay and the denomination written in words.
These coins are believed to have been produced locally to support regional economic activity during the revolutionary period.
Malolos Coin Issue
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Types 1 and 2
The obverse displays a radiant sun flanked by three stars together with the inscription "República Filipina" and the date of issue.
The reverse features a sprig and a bell pepper flanking the denomination, with the word "Libertad" above and the denomination written in words below.
The two varieties differ primarily in the size of the date.
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Type 3
The third type displays a triangle with a star at each corner and a radiant sun at the center, accompanied by the inscription "República Filipina" and the year of issue.
The reverse features a wreath encircling the denomination at the center.
1899 1-2 Centavos, Image Source: Standard Catalog of World Coins 1801-1900, 8th Edition
República Filipina Banknotes - 1898-1899
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:
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1 peso
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2 pesos
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5 pesos
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25 pesos
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50 pesos
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100 pesos
However, only the 1 peso and 5 pesos denominations are known to have circulated widely.
The notes were relatively simple in design and have often been described as resembling raffle tickets. Each note was dry-sealed and countersigned by one of the members of the Malolos Congress Finance Committee:
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Pedro Paterno
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Telesforo Chuidian
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Mariano Limjap
Because of the unstable political situation and the short existence of the revolutionary government, these banknotes circulated only briefly.
1898-1899 1P & 5P, Image Source: Standard Catalog of World Paper Money. General Issues. 1368-1960. (2017 Edit 16)
Historical Significance
Because the República Filipina existed only for a short period, both its coins and banknotes were produced in limited quantities. Surviving examples are therefore considered rare today and are highly valued by collectors of Philippine numismatics.
These revolutionary issues remain historically important as the first currencies authorized by an independent Philippine government, symbolizing the nation’s early attempt to establish monetary sovereignty.
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