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COLLECTOR GUIDE
Collecting U.S.-Philippine Coins (USPI)
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. It remains popular due to its wide range of denominations, mint marks, and varieties within a clearly defined historical period.
For a broader historical overview, visit its related history page in the Philippine Currency Timeline.
Quick Reference
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Coin System: Decimal
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Minting Period: 1903–1946
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Primary Metals: Silver, bronze and copper-nickel
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Major Mints: Philadelphia, San Francisco, Manila, and Denver
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1903–1936 denominations: ½ centavo, 1 centavo, 5 centavos, 10 centavos, 20 centavos, 50 centavos, 1 peso
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1937–1946 denominations 1 centavo, 5 centavos, 10 centavos, 20 centavos, 50 centavos
Coin Design and Composition
Two different obverse designs were used depending on the metal composition.
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Obverse types: Non-silver coins show a seated man holding a hammer beside an anvil; silver coins show a standing woman holding a hammer resting on an anvil.
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Obverse inscription: “FILIPINAS” appears on the obverse.
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Early reverse: American bald eagle on shield reverse used on earlier issues.
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Commonwealth reverse: Seal of the Commonwealth of the Philippines used from 1937 onward.
Reverse Design (1903–1936)
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American bald eagle with wings spread
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Perched on a shield bearing 13 stars and stripes
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Inscription: “UNITED STATES OF AMERICA”
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.
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The American eagle was replaced with the seal of the Commonwealth of the Philippines
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Designed by Ambrosio Morales
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Includes three stars representing Luzon, Visayas, and Mindanao
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Incorporates elements of the Spanish coat of arms and decorative bamboo denticles
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The original Figueroa obverse design remained unchanged
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Often known for soft strikes; sharper examples are more desirable
Philippine Commonwealth 1936 coin reverse
Metal Groups
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Bronze: ½ centavo, 1 centavo
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Copper-nickel: 5 centavos
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Silver: 10, 20, and 50 centavos; 1 peso
1907 Coinage Revision
In 1907, rising silver prices led to changes in coin specifications:
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1 peso: .900 → .800 silver
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10, 20, 50 centavos: .900 → .750 silver
The 5 centavos was reduced in size and weight in 1930. These revised specifications continued into the Commonwealth period.
1905 38mm & 1907 35mm One Peso Coin
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)
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Coins struck in Manila were first issued without mint marks
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Mint marks appear on the reverse below the shield. Philadelphia issues typically carry no mint mark.
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.
Design and Variety Diagnostics
Design or Style Varieties
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Large Type: 10c, 20c, 50c, and 1 peso from 1903–1908; 5c from 1903–1928
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Small Type: Reduced-specification silver coins from 1907 onward; 5c from 1930 onward
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Commonwealth issues: Reverse changed to the Commonwealth seal while retaining the earlier obverse designs
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Commonwealth strikes: Often known for soft strikes; sharper examples are more desirable
U.S.-Philippine Coins
Serif Variety
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1905-S 1 Peso, curved serif “1”: More common
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1905-S 1 Peso, straight serif “1”: Less common
1905 Straight & Curve Serif One Peso Coin
Mule Coins
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1918-S 5 centavos: obverse large type / reverse small type 20 centavos
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1928-M 20 centavos: obverse 1928 20 centavos / reverse modified 1927 5 centavos
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1944-S 50 centavos: obverse small type / reverse Commonwealth
For a detailed discussion on mule coin varieties and known examples, refer to Collecting Mule Coins of the Philippines
Die Varieties
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Common die varieties 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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Helpful references include:
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NGC Collector’s Society – Custom USPI Allen Variety Set
Collectors often reference Allen Numbers for classification.
Chopmarked Coins
Chopmarks are intentional stamps or punches added to coins. A single coin may carry multiple marks, and the variety of styles, symbols, and placements can be wide. While many chopmarks were applied for legitimate trade purposes, some may have been added later with misleading intent.
For detailed overview of chopmarked coind, refer to the relevant section in Collecting Counterstamped Coins.
USPI One Peso Coins with Chopmarks
Mintages and Key Rarities
Proof Mintages
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1903 – 2,558 sets (highest)
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1905 – 471 sets (lowest)
The Rarest U.S.–Philippine Coin
The 1907 1 Peso proof is widely regarded as the rarest issue in the U.S.–Philippine series, with only two known examples.
Low-Mintage Business Strikes
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1904-P 10c – 10,000
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1904-P 20c – 10,000
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1904-P 50c – 10,000
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1904-P 1p – 10,000
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1906-S 1p – 201,000
Key Rarities
The 1904 Philadelphia issues are among the most desirable due to extremely limited mintages.
The 1906-S 1 Peso is another notable rarity, with many reportedly recalled and melted for recoinage.
Collector Focus: Identifying Altered 1906 One Peso Coins
The 1906 One Peso exists in two forms:
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1906-S circulation strike
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1906 proof (no mint mark)
Altered pieces may originate from the 1905 Straight Serif variety. Key points of examination include:
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Straight serif on the number “1”
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Proximity of the “9” knob to the loop
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Correct San Francisco “S” mint mark style
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Signs of modification on the number “6”
Altered coins may show irregular shaping, tool marks, or disturbed metal.
Reference: Ciriaco, C. F. “Detecting an Altered 1906 One Peso Coin.” Barrilla, Vol. XII, June 1985.
A Note on Survival
Mintage figures indicate how many coins were struck, not how many survive today. Regular circulation, repurposing, and wartime destruction have significantly reduced surviving populations, particularly in higher grades. As a result, even coins with relatively high mintages may command a premium due to limited surviving examples.
Commemorative Coins
1920 Wilson Dollar Medal
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Issued in bronze, silver, and gold to commemorate the reopening of the Manila Mint.
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Obverse: Woodrow Wilson
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Reverse: Juno Moneta
First Struck
The Wilson Dollar is regarded as the first issue struck at the Manila Mint following its reopening
1936 Commonwealth Commemorative Set
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Three-coin issue marking the establishment of the Commonwealth of the Philippines.
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Designer: Ambrosio Morales
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Obverse: Manuel L. Quezon with Frank Murphy or Franklin D. Roosevelt
1936 50 Centavos & 1 Peso Philippine Commonwealth Commemorative Set
For a detailed discussion on Commonwealth commemorative coin issues and known examples, refer to The First Philippine Commemorative Coins: The 1936 Commonwealth Silver Issues.
Authentication Notes
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This series is noted with known counterfeits and replicas.
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Purchase from reputable dealers
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Use trusted auction houses
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Prefer coins certified by recognized grading services
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Authentication is especially important for gold denominations
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.
Continue Your Collecting Journey:
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Explore more collecting guides: Collecting Philippine Coins
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Browse all collector topics: Philippine Numismatics Collectors Hub
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Understand the historical context: Philippine Currency Timeline
Published Date: 7/5/2025
Last Updated: 3/8/2026