Collecting U.S.-Philippine Coins (USPI)

USPI COINAGE

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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

• Coin System: Decimal

• Minting Period: 1903–1946

• Primary Metals: Silver, bronze and copper-nickel

• Major Mints: Philadelphia, San Francisco, Manila, and Denver

• 1903–1936 denominations: ½ centavo, 1 centavo, 5 centavos, 10 centavos, 20 centavos, 50 centavos, 1 peso

• 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.

• 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.

• Obverse inscription: “FILIPINAS” appears on the obverse.

• Early reverse: American bald eagle on shield reverse used on earlier issues.

• Commonwealth reverse: Seal of the Commonwealth of the Philippines used from 1937 onward.

1. Reverse Design (1903–1936)

• American bald eagle with wings spread

• Perched on a shield bearing 13 stars and stripes

• Inscription: “UNITED STATES OF AMERICA”

2. Commonwealth Design Change (1937–1946)

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 Ambrosio Morales

• Includes three stars representing Luzon, Visayas, and Mindanao

• Incorporates elements of the Spanish coat of arms and decorative bamboo denticles

• The original Figueroa obverse design remained unchanged

•  Often known for soft strikes; sharper examples are more desirable

3. Metal Groups

• Bronze: ½ centavo, 1 centavo

• Copper-nickel: 5 centavos

• Silver: 10, 20, and 50 centavos; 1 peso

1907 Coinage Revision:​

In 1907, rising silver prices led to changes in coin specifications:

• 1 peso: .900 → .800 silver

• 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.

4. Mint Locations

U.S.–Philippine coins were struck at several mints:

• Philadelphia Mint (P) – United States

• San Francisco Mint (S) – United States

• Denver Mint (D) – United States

• Manila Mint (M) – Philippines (opened 1920)

  • Coins struck in Manila were first issued without mint marks​

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.

1903 1/2C, BN, Proof , Images Source: PCGS Coinfacts - U.S. Philippines Half-Centavo

Design and Variety Diagnostics​

​

1. ​Design or Style Varieties

• Large Type: 10c, 20c, 50c, and 1 peso from 1903–1908; 5c from 1903–1928

• Small Type: Reduced-specification silver coins from 1907 onward; 5c from 1930 onward

• Commonwealth issues: Reverse changed to the Commonwealth seal while retaining the earlier obverse designs

• Commonwealth strikes: Often known for soft strikes; sharper examples are more desirable

2. Serif Variety

• 1905-S 1 Peso, curved serif “1”: More common

• 1905-S 1 Peso, straight serif “1”: Less common

3. Mule Coins

​

• 1918-S 5 centavos: obverse large type / reverse small type 20 centavos

• 1928-M 20 centavos: obverse 1928 20 centavos / reverse modified 1927 5 centavos

• 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

4. Die Varieties

​

• Common die varieties include:

• Overdates (e.g., 1906/5)

• Doubled dies

• Repunched mint marks (RPM)

• DDO & RP1, see ​1934-M 5C

• ​Helpful references include:

  • NGC VarietyPlus – American Overseas Territories​

  • NGC Collector’s Society – Custom USPI Allen Variety Set

Collectors often reference Allen Numbers for classification.

Allen Numbers:​​

When collecting U.S.-Philippine coins, you will often encounter the term “Allen” on graded coins. This refers to the widely respected Allen Catalog, created by American numismatist Lyman L. Allen for U.S.-Philippine coins minted from 1903 to 1945. Each variety listed in the catalog is assigned a unique identification number, known as an “Allen number,” which helps collectors and grading services identify specific coin features, including design variations and mint errors. Many, though not all, of these Allen varieties are recognized by third-party grading companies such as NGC.

5. 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.

Mintages and Key Rarities​​

1. Proof Mintages

• 1903 – 2,558 sets (highest)

• 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, see 1907-P 1P.

2. Low-Mintage Business Strikes

• 1904-P 10c – 10,000

• 1904-P 20c – 10,000

• 1904-P 50c – 10,000

• 1904-P 1p – 10,000

• 1906-S 1p – 201,000

3. 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:

• 1906-S circulation strike

• 1906 proof (no mint mark)

Altered pieces may originate from the 1905 Straight Serif variety. Key points of examination include:

• Straight serif on the number “1”

• Proximity of the “9” knob to the loop

• Correct San Francisco “S” mint mark style

• 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​​

1. 1920 Wilson Dollar Medal

• Issued in bronze, silver, and gold to commemorate the reopening of the Manila Mint.

• Obverse: Woodrow Wilson

• Reverse: Juno Moneta

First Struck:​

The Wilson Dollar is regarded as the first issue struck at the Manila Mint following its reopening

2. 1936 Commonwealth Commemorative Set

• Three-coin issue marking the establishment of the Commonwealth of the Philippines.

• Designer: Ambrosio Morales

• Obverse: Manuel L. Quezon with Frank Murphy or Franklin D. Roosevelt

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​

• This series is noted with known counterfeits and replicas.

• Purchase from reputable dealers

• Use trusted auction houses

• Prefer coins certified by recognized grading services

• 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.

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