U.S.-Philippine Coins (1903-1946)
Undoubtedly, the most favored series among collectors of Philippine colonial coins is the United States–Philippine (USPI) coinage. This historic series spans from 1903 to 1946, concluding with the full independence of the Philippines.
Designed by Filipino artist Melecio Figueroa, these coins feature distinctive elements that reflect the Philippines’ unique status as a U.S. territory—incorporating symbolic imagery from both nations on a single coin.
Obverse Design
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Non-silver coins: Feature a seated man holding a hammer beside an anvil, with a volcano in the background (believed to be Mount Mayon).
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Silver coins: Depict a standing woman holding a hammer resting on an anvil, also with a volcano in the background. The female figure is believed to be modeled after Figueroa’s daughter.
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In both designs, the word "Filipinas" (in Spanish) appears prominently.
Reverse Design (1903–1935)
All coins from this period display:
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The American bald eagle with wings spread, perched atop a shield with 13 stars and stripes (symbolizing the United States).
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Surrounding inscription: "United States of America".
Design Change During the Commonwealth Period
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In 1935, the Philippines became a Commonwealth. In 1937, this political shift was reflected in the coinage:
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The reverse was changed to feature the seal of the Commonwealth of the Philippines, replacing the American eagle.
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Designed by Filipino artist Ambrosio Morales, the seal incorporated native symbolism: three stars (for Luzon, Visayas, and Mindanao), elements from the Spanish coat of arms, and interlocking bamboo for denticles.
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The obverse design by Figueroa remained unchanged.
Note: Commonwealth-era coins are often weakly struck due to worn dies or reduced pressure. Well-struck examples are highly collectible.
1. Denominations and Composition
USPI coins spanned denominations from the smallest ½ centavo (locally known as kusing) up to 1 peso. During the Commonwealth period, coinage was limited to 1 centavo to 50 centavos.
½ centavo – Bronze
1 centavo – Bronze
5 centavos – Copper-nickel
10 centavos – Silver (.900/.750)
20 centavos – Silver (.900/.750)
50 centavos – Silver (.900/.750)
1 peso – Silver (.900/.800)
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½ centavo: Discontinued after 1904 due to lack of use, but proof coins were continuously minted until 1908.
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Other denominations were discontinued intermittently.
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Only the 1 centavo was continuously minted from 1903 to 1936.
1907 Revisions
In 1907, silver coins were reduced in size, weight, and purity due to the rising price of silver:
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1 peso: .900 → .800
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10, 20, 50 centavos: .900 → .750
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In 1930, the 5 centavos also saw reductions in size and weight.
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These revised specifications were maintained during the Commonwealth period, with only slight modifications in some denominations.
2. Coin Strike Types
a. Business Strike (Regular Issue)
Minted in bulk for general circulation (1903–1946) at various mints.
b. Proof Coins
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Specially struck for collectors and presentations.
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Minted only at Philadelphia (1903–1908).
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Denominations: ½ centavo to 1 peso.
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Exception: 1907 only featured a 1 peso proof.
3. Coin Types and Varieties
There is no universally agreed-upon official categorization of United States–Philippine (USPI) coins. When such classifications do exist, they often vary among collectors or use what is commonly accepted.
a. Design or Style Varieties
1. Large Type vs. Small Type (1903–1936)
Large Type:
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10c, 20c, 50c, 1p: 1903–1908
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5c: 1903–1928
Small Type (reduced specs):
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10c to 1p: From 1907
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5c: From 1930
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The 1 centavo is excluded, as it maintained the same specs throughout.
2. Commonwealth Issues (1937–1946)
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Issued from 1937 to 1946
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Reverse design features the Commonwealth seal
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Obverse retained the same Figueroa designs
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Known for weak strikes
3. Serif Variety (1905-S 1 Peso)
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Curved Serif "1": More common; top hook is curved
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Straight Serif "1": Less common; top hook is straight
b. Mint Marks
Mint marks identify the mint facility where the coin was struck:
Philadelphia – (none) – No mark (standard for facility)
San Francisco – S – Most common mint
Manila – M – Opened 1920; “M” used after 1922
Denver – D – Used after 1941
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Location: Lower left of the reverse, near the shield base.
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Coins (1903–1908) may be marked or unmarked depending on mint.
c. Mule Coins
Coins struck with mismatched obverse/reverse dies, three are known in USPI coinage:
1918-S 5 Centavos Mule
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Obverse: Large Type 5c die
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Reverse: Small Type 20c die
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Possibly accidental
1928-M 20 Centavos Mule
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Obverse: 1928 20c die
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Reverse: Modified 1927 5c die
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Considered intentional
1944-S 50 Centavos Mule
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Obverse: Small Type design
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Reverse: Standard Commonwealth
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Recognized by PCGS in 2019
Checkout: Mule Coins of the Philippines
d. Die Varieties
Die varieties refer to coins that exhibit noticeable differences in surface details due to alterations, damage, or reworking of the dies used during minting. These variations may occur unintentionally and are often subtle but significant to collectors.
Common types of die varieties include, but are not limited to:
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Overdates – where a numeral in the date is struck over another (e.g., 1906/5).
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Doubled dies – where parts of the design appear doubled due to a misaligned die during hubbing.
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Repunched mint marks (RPM) – where the mint mark is punched more than once in different positions or angles.
Helpful References
To explore known USPI die varieties, collectors may consult:
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NGC VarietyPlus – American Overseas Territories (Philippines under U.S. Sovereignty
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NGC Collector’s Society – Custom USPI Allen Variety Set
These varieties are often sought after for their uniqueness
Note: NGC and PCGS use Allen Numbers, a standardized reference system based on numismatist Lyman L. Allen’s catalog of U.S./Philippine Coins.
e. Chopmark
The practice of applying chopmarks—intentional stamps or punches added to coins—has existed since the Spanish period. It was commonly used by merchants, money changers, or institutions to authenticate a coin's metal content or signify acceptance in trade, especially in international commerce.
Chopmarked coins are fascinating to collect due to their unique and often mysterious markings. Each chopmark is distinct, and a single coin may bear multiple marks from different sources. This makes cataloging challenging, as the variety of styles, symbols, and placement can be vast.
While many chopmarks were applied for legitimate purposes, some may have been added later with misleading intentions, further adding to the intrigue and complexity of collecting these pieces.
Checkout: Etched in History: Philippine Counterstamped, Countermarked and Chopmarked Coins
4. Mintages
While most regular strike coins were issued in large numbers, a few notable coins had mintages below 500,000, making them highly collectible:
a. Proof Coins
Proofs were minted in small numbers at Philadelphia (1903–1908):
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Lowest: 1905 – only 471 sets
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Highest: 1903 – 2,558 sets
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Rarest: 1907 1 Peso – only two known specimens
b. Low-Mintage Business Strikes (under 500,000):
1904-P – 10 Centavos = 10,000
1904-P – 20 Centavos = 10,000
1904-P – 50 Centavos = 10,000
1904-P – 1 Peso = 10,000
1906-S – 1 Peso = 201,000
1916-S – 5 Centavos = 300,000
1909-S – 10 Centavos = 312,199
1905-S – 20 Centavos = 420,000
1920-M – 50 Centavos = 420,000
1915-S – 10 Centavos = 450,000
1909-S – 20 Centavos = 450,000
c. Standouts in Rarity
Among the most coveted coins in the USPI series are the 1904 Philadelphia issues of the 10 centavos, 20 centavos, 50 centavos, and 1 peso. Each of these denominations had a remarkably low mintage of just 10,000 coins, making them exceptionally scarce.
Another standout is the 1906-S 1 Peso. What makes it particularly interesting is that in 1906, it was the only denomination struck for circulation. However, due to rising silver prices, most of the coins were recalled for recoinage—melting them down for their bullion value.
Only a small number survived, making it one of the key rarities of the USPI series, on par with proof issues in scarcity and desirability.
d. A Note on Survival
It’s important to understand that mintage figures reflect how many coins were originally struck, not how many still exist today. While these numbers provide a useful benchmark, the actual surviving population is often much smaller.
During regular circulation—especially throughout the American colonial period and the early years of Philippine independence—many coins were naturally lost, damaged, or worn down beyond recognition.
Compounding this attrition, the widespread devastation of World War II had a dramatic impact on USPI coin survival. Thousands of coins were reportedly dumped into Manila Bay to prevent them from falling into enemy hands, while others were recoined as war trophies or destroyed amid the chaos.
As a result, even coins with seemingly high mintages can be genuinely scarce today, particularly in higher grades.
5. Commemorative Issues
During the course of the United States–Philippine (USPI) coin series, only two official commemorative issues were released.
a. 1920 Wilson Dollar Medal
This medal was issued to commemorate the reopening of the Manila Mint.
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Issued in: Bronze, Silver, and Gold
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Obverse: Bust of U.S. President Woodrow Wilson
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Reverse: The Roman goddess Juno Moneta with a young boy
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Significance: The Wilson Dollar Medal was the first coinage officially struck at the Manila Mint, marking a new era in local minting operations under U.S. administration.
b. 1936 Commonwealth Commemorative Set
This three-coin set was issued to celebrate the establishment of the Commonwealth of the Philippines, a transition toward eventual full independence.
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Designed by: Filipino artist Ambrosio Morales
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Obverse (all coins): Bust of President Manuel L. Quezon, the first president of the Commonwealth
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50 Centavos and First 1 Peso: Feature Governor-General Frank Murphy
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Second 1 Peso: Features U.S. President Franklin D. Roosevelt
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Reverse design: Government seal of the Commonwealth of the Philippines.
Checkout: Philippine Commemorative Coins - Commonwealth
The United States–Philippine (USPI) coinage remains a cornerstone of Philippine numismatics—valued for its historical depth, artistic design, and diverse range of collectible issues.
From rare proofs to wartime survivors, each coin tells the story of a unique colonial era that continues to captivate collectors from both the United States and the Philippines.
However, it is important to note that this series is also among those with known counterfeits and replicas. Collectors should exercise vigilance when purchasing USPI coins: buy only from reputable dealers, carefully inspect each piece, and compare it against verified genuine examples before making a commitment.
Sources & Further Reading:
1. Book: U.S.P.I Philippine Coinage Under American Sovereignty by Eldrich Yan & Janssen Bantugan
2. NGC Coin Explorer: Philippines Under U.S. Sovereignty
3. PCGS Coinfacts: Territorial:U.S. Philippines
4. Numismatics.ph: Coin Catalog Under U.S. Sovereignty
Published Date: 7/5/2025