República Filipina Currency (1898-1901)
When the Philippines declared its independence from Spain in 1898, the First Philippine Republic—also known as the Malolos Republic—was formally established in 1899. As a newly formed nation, one of its first acts was to develop its own national currency. However, the Philippine Republic was short-lived, lasting only from 1899 to 1901. As a result, only a limited number of these revolutionary-era currencies were produced.
These currencies were authorized by the Malolos Congress for the newly established República Filipina, marking a historic step toward national independence. As the legislative body of the First Philippine Republic, the Malolos Congress aimed to create a unified economy by issuing the country’s own banknotes and coins. Unlike traditional currencies backed by gold or silver, these were supported by the government's revenues.
1. República Filipina Coins - 1899
So far, only two known issuers of these Revolutionary coins have been identified: Panay Island and the town of Malolos in Bulacan.
The Panay coins were minted in the 1 centavo denomination. The obverse features the bust of a soldier, along with the inscription República Filipina and the year of issue. The reverse depicts a sun within a triangle, accompanied by the word Panay and the denomination written in words.
The Malolos coins has known 3 types minted in 2 centavos denomination.
1. The first and second types feature, on their obverse, a sun with rays flanked by three stars, the inscription República Filipina, and the date of issue. The reverse displays a sprig and a bell pepper flanking the denomination value, with the word Libertad above and the denomination written in words below. The only difference between these two types is the date: the first has a smaller date, while the second shows a larger one.
2. The third type features a triangle with a star at each corner and a radiant sun at the center, accompanied by the inscription República Filipina and the date of issue. The reverse shows a wreath encircling the denomination at the center.
1899 1-2 Centavos, Images Source: Standard Catalog of World Coins 1801-1900, 8th Edition
2. República Filipina Banknotes - 1898-1899
In 1898, the Malolos Congress authorized the issuance of banknotes, which began circulation in 1899 in denominations of 1, 2, 5, 25, 50, and 100 pesos. However, only two denominations—the 1 peso and 5 pesos—are known to have been circulated, each with different designs. These banknotes, which resembled raffle tickets in appearance, had a distinctive feature: they were dry-sealed and countersigned by one of the three members of the Malolos Congress Finance Committee—Pedro Paterno, Telesforo Chuidian, or Mariano Limjap.
1898-1899 1P & 5P, Images Source: Standard Catalog of World Paper Money. General Issues. 1368-1960. (2017 Edit 16)
Since the República Filipina was short-lived, its coins and banknotes were produced only for a brief period and are considered rare today. These currencies often command a premium at auction, and even modern-day replicas of the coins can be quite expensive.
Sources & Further Reading:
1. Yaman: History and Heritage in Philippine Money
2. Standard Catalog of World Coins 1801-1900, 8th Edition
3. Standard Catalog of World Paper Money. General Issues. 1368-1960. (2017 Edit 16)
Published Date: 5/18/2025