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Philippine Numismatics
Collecting U.S.-Philippine Coins (USPI): A Collector's Guide
U.S.–Philippine coinage (1903–1946), commonly referred to by collectors as USPI (United States-Philippine Islands) coins, represents one of the most structured and well-documented series in Philippine numismatics. Struck during the American administration of the Philippines, these coins feature distinctive designs by Filipino sculptor Melecio Figueroa and were produced at several mints in both the United States and the Philippines. The series includes multiple mint locations, design variations, proof issues, and several notable rarities that continue to attract strong interest among collectors worldwide.
The series is popular among collectors because it offers a wide range of denominations, mint marks, and varieties within a relatively well-defined historical period. For a detailed historical overview of U.S.-Philippine currency, see the U.S. Colonial Currency in the Philippines (1903–1946) section of the Philippine Currency Timeline.
Contents
Coin Design
Obverse Design
Two different obverse designs were used depending on the metal composition.
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Copper and Nickel Coins
These feature a seated Filipino man holding a hammer beside an anvil, with a volcano—believed to represent Mount Mayon—in the background.
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Silver Coins
Silver denominations depict a standing woman holding a hammer resting on an anvil, also with a volcano in the background. Although not historically confirmed, the female figure is widely believed to have been modeled after Figueroa’s daughter.
Both designs include the inscription: “FILIPINAS.”
Reverse Design (1903–1936)
All coins from this period display:
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The American bald eagle with wings spread
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Perched on a shield bearing 13 stars and stripes
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Surrounding inscription: “UNITED STATES OF AMERICA”
This design symbolized American sovereignty over the Philippines.
1903 Half-Peso and One Peso Obverse and Reverse
Commonwealth Design Change (1937)
Following the establishment of the Commonwealth of the Philippines in 1935, the reverse design was modified beginning in 1937.
The American eagle was replaced with the seal of the Commonwealth of the Philippines, designed by Filipino artist Ambrosio Morales.
The seal incorporates:
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Three stars representing Luzon, Visayas, and Mindanao
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Elements of the Spanish coat of arms
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Decorative bamboo denticles
The Figueroa obverse design remained unchanged.
Collectors often note that Commonwealth-era coins are weakly struck, likely due to worn dies or reduced striking pressure. Well-struck examples are therefore highly collectible.
Philippine Commonwealth 1936 coin reverse
For more information about the design of U.S.-Philippine coins, see U.S.-Philippine Coinage (1903–1946) in the Philippine Currency Timeline.
Mint Locations
U.S.–Philippine coins were struck at several mints:
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Philadelphia Mint (P) – United States
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San Francisco Mint (S) – United States
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Denver Mint (D) – United States
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Manila Mint (M) – Philippines (opened 1920)
Mint marks appear on the reverse below the shield.
Philadelphia issues typically carry no mint mark, which was standard practice for the facility.
Denominations and Composition
The USPI coin series included denominations ranging from the smallest ½ centavo ("kusing") to 1 peso.
½ centavo
1 centavo
5 centavos
10 centavos
20 centavos
50 centavos
1 peso
The ½ centavo was discontinued after 1904 due to limited use, although proof coins continued to be struck until 1908.
The 1 centavo remains the only denomination minted continuously from 1903 to 1936.
During the Commonwealth period, coinage was limited to 1 centavo to 50 centavos.
1907 Coinage Revision
In 1907, rising silver prices led to changes in the specifications of several denominations.
Silver purity was reduced as follows:
1 peso: .900 → .800
10, 20, 50 centavos: .900 → .750
The 5 centavos was also reduced in size and weight in 1930.
These revised specifications continued into the Commonwealth period.
1905 38mm & 1907 35mm One Peso Coin
Coin Strike Types
Business Strikes
Regular circulation coins minted between 1903 and 1946 at various mints.
Proof Coins
Specially struck collector coins produced at the Philadelphia Mint between 1903 and 1908.
Denominations ranged from ½ centavo to 1 peso.
The 1907 proof issue is unique, consisting only of the 1 peso denomination.
1903 1/2C, BN, Proof , Images Source: PCGS Coinfacts - U.S. Philippines Half-Centavo
Major Coin Types and Varieties
Because no universal classification system exists for USPI coins, collectors typically organize the series according to commonly recognized categories.
Design or Style Types
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Large Type vs Small Type
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Large Type:
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10c, 20c, 50c, 1p: 1903–1908
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5c: 1903–1928
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Small Type (reduced specifications):
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10c–1p: onward from 1907
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5c: from 1930 onward
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The 1 centavo retained the same specifications and is therefore excluded from this classification.
5 Centavos to 1 Peso Large Type vs Small Type
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Commonwealth Issues (1937–1946)
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Commonwealth coins issued between 1937 and 1946 feature:
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The Commonwealth seal reverse
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The original Figueroa obverse
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These coins are often known for weak strikes.
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Coins of the Commonwealth of the Philippines
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Serif Variety
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One notable variety occurs on the 1905-S 1 Peso.
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Curved Serif “1” – more common
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Straight Serif “1” – less common
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1905 One Peso Straight & Curved Serif
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Mint Marks
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Mint marks identify the mint where the coin was struck.
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Philadelphia — no mint mark
San Francisco — S
Manila — M (used beginning 1922)
Denver — D (from 1941)
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Mule Coins
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Mule coins are struck using mismatched obverse and reverse dies.
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Three notable examples exist:
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1918-S 5 Centavos Mule
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Obverse: Large Type 5c
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Reverse: Small Type 20c
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1928-M 20 Centavos Mule
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Obverse: 1928 20c
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Reverse: modified 1927 5c
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1944-S 50 Centavos Mule
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Recognized by PCGS in 2019
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To know more about the history of these coins, check out our article: Collecting Mule Coins of the Philippines
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Die Varieties
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Die varieties occur when changes or errors appear in the dies used for minting.
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Common examples include:
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Overdates (e.g., 1906/5)
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Doubled dies
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Repunched mint marks (RPM)
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Collectors often reference Allen Numbers, a standardized catalog system developed by Lyman L. Allen.
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Helpful references include:
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NGC Collector’s Society – Custom USPI Allen Variety Set
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Chopmarks
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Chopmarks are intentional stamps applied to coins by merchants or money changers to verify metal content or authenticity.
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The practice originated during the Spanish colonial period and continued during the American era, particularly in international trade.
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Each chopmark is unique, and a single coin may contain multiple marks from different sources.
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To know more about chopmarks, check out our article: Collecting Counterstamped, Countermarked, and Chopmarked Coins
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1903 One Peso with Chopmarks
Mintages and Key Rarities
Mintage figures represent the number of coins originally struck, but surviving populations are often much smaller. Many collectors begin with the more common dates and denominations before pursuing scarcer varieties.
Proof Mintages
Proof sets were minted at Philadelphia (1903–1908).
Lowest: 1905 – 471 sets
Highest: 1903 – 2,558 sets
The 1907 1 Peso proof is considered the rarest, with only two known examples.
Low-Mintage Business Strikes
Several circulation coins were struck in quantities under 500,000.
Examples include:
1904-P 10 Centavos – 10,000
1904-P 20 Centavos – 10,000
1904-P 50 Centavos – 10,000
1904-P 1 Peso – 10,000
1906-S 1 Peso – 201,000
Key Rarities
Among the most desirable coins in the series are the 1904 Philadelphia issues, which were minted in extremely limited quantities.
1904 50 Centavos Philadelphia Mint Mark
Another notable rarity is the 1906-S 1 Peso, many of which were reportedly recalled and melted for recoinage due to rising silver prices.
Collector Tip: Identifying Altered 1906 One Peso Coins
The 1906 One Peso exists in two forms:
• 1906-S circulation strikes produced at the San Francisco Mint
• 1906 Proof coins struck at the Philadelphia Mint, which carry no mint mark
Because the 1906-S circulation coin is a key issue in the U.S.–Philippine series, altered pieces occasionally appear in the market.
Some altered coins originate from the 1905 One Peso Straight Serif variety, which shares similar numeral characteristics.
Collectors should carefully examine the date numerals:
• The number 1 should have a straight serif.
• The knob of the number 9 should appear very close to the lower curve of the loop.
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These same features also appear on the 1905 Straight Serif variety, making it a potential candidate for alteration.
When evaluating a suspected example, collectors should pay close attention to:
• the mint mark, which should match the correct San Francisco “S” style
• the number 6 in the date, which may show signs of modification if originally struck as a 5
Altered pieces may display irregular shaping, tool marks, or disturbed metal around the date or mint mark.
Reference: Ciriaco, C. F. “Detecting an Altered 1906 One Peso Coin.” Barrilla, Vol. XII, June 1985.
Commemorative Coins
Only two official commemorative issues were produced within the USPI coin series.
1920 Wilson Dollar Medal
Issued to commemorate the reopening of the Manila Mint.
Obverse: Bust of President Woodrow Wilson
Reverse: Roman goddess Juno Moneta
Struck in bronze, silver, and gold.
1936 Commonwealth Commemorative Set
Issued to celebrate the establishment of the Commonwealth of the Philippines.
Designer: Ambrosio Morales
Obverse: Manuel L. Quezon
Reverse variants:
• Frank Murphy (Governor-General)
• Franklin D. Roosevelt (U.S. President)
1936 50 Centavos & 1 Peso Philippine Commonwealth Commemorative Set
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.
Yap, Eldrich, and Janssen Bantugan. "U.S.P.I Philippine Coinage Under American Sovereignty." Philippines, 2018.
Basso, Aldo P. "Coins, Medals and Tokens of the Philippines." Menlo Park, CA: Chenby Publishers, 1968.
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Published Date: 7/5/2025
Last Updated: 3/8/2026