Coins Across Oceans: The Spanish Colonial Currency of the Philippines

The list of Spanish-Philippine coins produced by the Manila Mint, which began operations in 1861, is surprisingly short. This official coinage series lasted only 35 years, concluding with the final issue in 1896—a coin notably struck not in Manila, but in Madrid.

Despite its brief lifespan, the coins minted during this period have become prized pieces among collectors, valued for their rarity, artistry, and historical significance.

But the story of Spanish-Philippine coinage goes far beyond the confines of the Manila Mint.

Let’s hop aboard our history wagon and explore the varied Spanish colonial currency that once circulated in the Philippines—diving into the fascinating world of Spanish-Philippine coins beyond the Manila Mint.

For over two centuries, Spain’s vast colonial empire—powered by global trade and the wealth of American silver mines—produced a wide array of coinage across its colonial mints. The majority of coins that circulated in the Philippines during the Spanish period were actually minted in Spanish colonial mints such as:

Mexico City (Mo)

Potosí (PTS)

Lima (L)

Bogotá (NR)

Through the Acapulco-Manila Galleon Trade and other commercial routes, these coins made their way to the Philippine islands and became the everyday currency of colonial life.

For collectors, exploring these foreign-minted coins that found circulation in the Philippines offers a fascinating and often overlooked dimension of numismatic history. It connects local coinage to a global economic network, and adds richness to the study of Spanish-Philippine monetary heritage.

Charles and Johanna Coins (1536–1572)

When Spain established its first colonial mint in Mexico City in 1536, the earliest coins produced were struck during the reign of King Charles I and his mother, Queen Johanna of Castile and Aragon.

These coins were hand-struck and issued in denominations of ¼, ½, 1, 2, 3, and 4 reales, composed of approximately 93% silver. Because they were not machine-milled, the edges are less uniform.

The Charles and Johanna series is generally divided into early and late issues, with the early series considered especially rare due to the limited number of surviving specimens.

The obverse features an early rendition of the coat of arms of Castile and Aragon, while the reverse is notable for the first appearance of the iconic "Pillars of Hercules"—a symbol that would become a defining element of Spanish colonial coinage. Alongside the pillars often appears the inscription "Plus Ultra", meaning "more beyond", reflecting Spain’s ambitions in the New World.

To learn more, check out our page: Charles and Johanna Coinage

Cob Coins (1572–1773)

Spanning nearly two centuries, cob coinage represents one of the most iconic and historically rich periods in Spanish colonial minting. These coins are widely associated with the Golden Age of Piracy, often romanticized as the treasure of pirates and shipwrecks.

Cobs were hand-struck, irregularly shaped coins minted in denominations of ½, 1, 2, 4, and 8 reales in silver and 1, 2, 4, and 8 escudos in gold.

In the Philippines, cob coins were nicknamed "hillis kalamay", a reference to a traditional sticky rice delicacy that also comes in irregular shapes—highlighting the coin’s crude yet distinctive form.

Cobs are among the most fascinating and challenging coins to collect. Their irregular shapes, off-center strikes, and often partially visible designs mean that no two coins are exactly alike. This creates countless varieties, making the hunt for specific features a rewarding endeavor for collectors.

Today, a fair number of cob coins are available on the market, especially those recovered from famous shipwrecks, which add historical allure and provenance. While some examples remain affordable, others—particularly rare dates, mint marks, or shipwreck-certified specimens—can command a premium.

To learn more, check out our page: Cobs Coinage

Milled Coins (1732–1821)

The introduction of milled coinage marked a major technological leap in coin production. Unlike earlier cob coins, milled coins were machine-struck, resulting in pieces with standard details.

Coins from this era were struck in silver denominations of ¼, ½, 1, 2, 4, and 8 reales, and gold denominations of 1, 2, 4, and 8 escudos.

This coinage period is generally divided into two major types:

Globe Type ("Dos Mundos")

The obverse features the coat of arms of Castile and Aragon, while the reverse displays the Pillars of Hercules flanking two conjoined globes—symbolizing the Old and New Worlds.

In the Philippines, this type is affectionately known as "Dos Mundos", or two worlds.

Bust Type

This variety features the portrait of the reigning monarch on the obverse, The reverse retains the Pillars of Hercules alongside the royal coat of arms.

Among collectors, the Dos Mundos coins—especially the 8 reales and 8 escudos—are particularly sought after and often command premium values due to their beauty, symbolism, and historical significance.

To learn more, check out our page: Milled Coinage

Spanish-Philippine Copper Coin (1700–1835)

These copper coins were locally struck in the Philippines by private contractors commissioned by Spanish colonial authorities. They were primarily issued to address the shortage of small-denomination coinage needed for everyday transactions and local commerce.

These coins are popular among collectors, and specimens with finer details or better preservation often command a premium due to their rarity and historical significance.

To learn more, check out our page: Spanish-Philippine Copper Coinage

Spanish-Philippine Counterstamped and Countermarked Coins (1828–1839)

When Spain's former colonies in the Americas declared independence, many of these newly formed nations began minting their own coinage. Over time, these coins found their way into the Philippines through trade and circulation.

Due to the chronic shortage of official coinage, Spanish colonial authorities in the Philippines allowed these foreign coins to circulate only after being counterstamped or countermarked—a process that officially validated them for local use.

These counterstamped and countermarked coins are among the most sought-after by collectors, prized for their distinctive marks and rich historical context. While the counterstamp/countermarks are technically considered alterations or "damage" to the original coin, they greatly enhance the coin's value because of their rarity and the unique story they tell about the era's monetary challenges.

To learn more, check out our page: Spanish-Philippine Counterstamped and Countermarked Coinage