A Peso’s Worth: The Gold and Silver One Peso Coin of the Philippines
- My Koyns
- Nov 6, 2022
- 4 min read
Updated: Jul 27
Have you ever wondered how much a One Peso coin was worth in the past? Today, it might only buy you a few candies—but once, it was struck in gold or silver.
Thanks to inflation and the shift in global economic systems, the value of money changes over time. What you could buy with One Peso before is no longer the same today.
Modern Philippine coins are typically made of base metals like nickel, copper, or zinc. In contrast, earlier coins—especially before the 20th century—were minted in precious metals such as silver and gold. This shift happened when the world gradually moved away from commodity-based currencies to fiat money.
But do you know what “Peso” actually means?
The word Peso is derived from the Spanish word for "weight" and traces its roots to the Spanish silver peso de ocho reales, or "piece of eight." However, during the Spanish colonial period, the term “peso” wasn’t widely used in the Philippines. The monetary unit was also referred to as the Real, which was part of the broader Spanish system.
Since the Philippines was once a colony of both Spain and the United States, it inherited and adapted elements of both monetary systems. So what were the official One Peso coins—made of gold and silver—issued for circulation in the Philippines?
Spanish-Philippine Coins
When Spain colonized the Philippines in 1565, it brought its own monetary system. For centuries, the country lacked its own formal coinage, relying instead on coins from Spain, Spanish colonies such as Mexico, and even other countries. Locally struck coins such as Barilla, Octavos, and Quartos did exist, but the most recognized circulating coins were foreign, especially gold and silver pieces.
One of the most iconic coins of the Spanish empire was the 8 Reales, also known as the Spanish Dollar.
Spanish-Philippine Gold Coins (1861–1868)
A turning point came in 1857, when construction began on the Philippines’ first mint: the Real Casa de la Moneda y Timbre de Manila By 1861, the Philippines began minting its own gold coins—denominated in One Peso, Two Pesos, and Four Pesos.
These coins featured the bust of the reigning monarch on the obverse and the Spanish coat of arms with the inscription “Filipinas” on the reverse. Minting lasted until 1868, when a revolution in Spain led to the deposition of Queen Isabella II. Still, coins dated 1868 were minted until around 1873, according to Numista.
1897 UN Peso Silver Coin – Alfonso XIII
The next One Peso coin minted by Spain was in 1897, under King Alfonso XIII. This time, it was a silver coin and the only one of its kind for circulation in the Philippines. It became the last Spanish-era One Peso coin issued before the transfer of power to the United States.. See Spanish Philippine 1897 UN Peso Coin.
Today, both the Isabella II gold coins and the 1897 UN Peso silver coin are prized by collectors. Prices typically start around ₱8,000, though they vary depending on the year, condition, and demand.
U.S.-Philippine Coins
Following the 1898 Treaty of Paris, Spain ceded the Philippines to the United States, which inherited the existing currency system. With concerns about the complex monetary structure, the Americans introduced a gold standard similar to their own in 1903, after the U.S. Congress passed the Philippine Coinage Act.
Under this system, a new series of coins was minted—from the smallest denomination, the ½ centavo (nicknamed kusing), up to the One Peso silver coin.
1903–1912 One Peso Silver Coins
Minting of the U.S.-Philippine One Peso coin ran from 1903 to 1912—a short span of just ten years. The coin underwent key changes during this time:
1903–1906: 38 mm diameter, 90% silver
1907–1912: 35 mm diameter, 80% silver
In 1906, high silver prices led to the recall of most One Peso coins minted that year, making surviving pieces especially rare and valuable.
These coins are favorites among both local and international collectors. One reason is their unique dual-nation identity—bearing “Filipinas” on one side and “United States of America” on the other.
Current Market Value:
Prices range from ₱650 to ₱25,000+, depending on year, condition, and rarity. Notable collector favorites include:
1906-S
1904-P
1905-S (Straight vs. Curved Serif)
1911-S
1912-S
Commonwealth Era One Peso Coins
When the Philippine Commonwealth was established on November 15, 1935, a new set of coins was introduced. However, the highest denomination for regular circulation was the 50 Centavos. The One Peso coins issued during this period were commemorative, notably the 1936 Murphy-Quezon and Quezon-Roosevelt coins. See Philippine Commemorative Coins - Commonwealth.
If you’d like to explore this rich numismatic history further, the book USPI by Eldrich Yap and Janssen Bantugan is a must-read. It’s a highly recommended resource for both beginners and advanced collectors.
Whether you're just starting out or already curating an extensive collection, the One Peso coin offers a captivating window into the Philippines’ colonial and monetary history.
Do you already own one—or are you still searching for that first precious Peso?
Further reading:
Editors Note: This post was originally published November 6, 2022 and has been updated for accuracy and comprehensiveness.