Spanish-Philippine Colonial
Banknotes (1852-1896)
The story of paper money begins in China during the Song Dynasty (10th to 13th century), where the world's first banknotes were printed. This innovation eventually made its way to Europe, and in 1661, the Bank of Stockholm in Sweden issued the first European banknote—a major milestone in financial history.
In the Philippines, the first official banknote appeared much later. It was issued in 1852 by the country's first bank, El Banco Español Filipino de Isabel II, although the notes only began circulating in 1855. These early Philippine banknotes were known as “peso fuertes” or “strong pesos”, and were printed in denominations of 10, 25, 50, and 200 pesos. Each note prominently featured a portrait of Queen Isabella II, the bank’s royal namesake.
However, in 1868, Queen Isabella II was deposed in Spain, prompting the bank to change its name and remove her portrait from its banknotes. It was subsequently renamed El Banco Español Filipino, and later issues featured the bank’s logo in place of the queen’s image.
1861-1868 Isabella Silver and Gold Coins
A notable change came in 1896, when the bank introduced a new series of bi-face banknotes—printed on both sides—in denominations of 5, 10, 25, and 50 pesos. These notes represented the last major issue of the Spanish era.
_edited.jpg)
Spanish-era banknotes remained in circulation into the early years of American rule but were gradually demonetized as the U.S. colonial government introduced its own Philippine currency in the early 1900s.
The introduction of Spanish-era banknotes marked a significant step in the Philippines’ monetary development, laying the groundwork for the more modern currency systems that followed. Though no longer in use, these early notes remain important artifacts of both financial and national history—reminders of the global journey of paper money and the Philippines’ unique place in that story.
Sources & Further Reading:
1. Yaman: History and Heritage in Philippine Money
2. phil-philately.com: History of Philippine Money: Spanish Era
Published Date: 4/21/2025