During the Pre-historic Era, there were four objects that were used as mediums of exchange: the Piloncitos,

Barter Rings, Cowry Shells and Gold Necklace. The Piloncitos, first ever recognized coins of the ancient Filipinos, are small conical gold nuggets in the shape of the sugar receptacle called pilon where its name was derived. These Piloncitos were actually made up of 18-k gold. Barter Rings came next. These are hallow penannular rings made of 20 22 k gold and were used by Ancient Egyptians in trading cattle and other commodities. During the Spanish era, smaller barter rings were also used as earrings. The Cowry shells were also used as a medium of exchange since time immemorial. During the Spanish era, Macuquinas (Mexican Cobs), Dos Mundos (Pillar Dollars), Counterstamped Coins, Barrilla Coins, Isabelinas, Alfonsinos and Pesos Fuertes were used as mediums of exchange. The Dos Mundos at one point became the chief currency of the world from 1732 to 1772. Counterstamped coins on the other hand became famous in Spanish colonies especially those who revolted. These silver coins also reached the Philippines and it threaten Spanish rule in the country so the Spaniards thought that counterstamping them with the inscription saying that Rehabilitated by the King our Lord Don Ferdinand VIII would remove the idea that these coins were made because of rebellion. Barilla coins, a crude brass coin equivalent to a centavo is the first coin struck in the Philippines. Isabelinas were made in honor to Queen Isabel because of the Casa de Moneda de Manila. Alfonsinos were made the ascession of Alfonso XII on the Spanish throne but because the people dislike Alfonso issues, the government reverted back to Isabelinas. The first Philippine money was Pesos Feurtes which was issued by the first Philippine Bank. In the Revolutionary Period, the two mediums of exchange were Republica Filipina (coin) and Republica Filipina. The Republica Filipina (coin) was made in order to back up the

newly installed government expenditures. It was later on that paper money was required which brought about the Republica Filipina. US-Philippine Coinage, Silver Certificates and Treasury Certificates, and Victory Notes were the used as mediums of exchange for the American Regime. US-Philippine Coinage was issued in 1903 when the US Congress established a monetary system based on gold standard. Silver Certificates and Treasury Certificates were of the equivalent value of US-Philippine Coinage. Meanwhile, Victory Notes were paper money with the printed VICTORY word on it. World War II or the Japanese Invasion, there were Japanese Invasion Money, Resistance Currency were used. Japanese Invasion Money serves as an evidence of being under the Japanese rule. On the other hand, the Resistance Currencies are actually considered as guerilla notes or emergency notes. This medium of exchange is a reminder of the conditions and situations where this money was used. In the Republic Period, English Series, Pilipino Series, Bagong Lipunan Series. Flora and Fauna Series, BSP Series, Centennial Banknote and Commemorative Issues were used. The English series were issued by the Central Bank to celebrate Philippine Independence on the 4th of July 1946. Meanwhile, the Pilipino series was brought about by the nationalist movements in 1960s. Bagong Lipunan series was issued to change the currency notes issued by the Central Bank in 1973. Flora and Fauna series was issued after the Martial Law. It was issued to promote the rich heritage, ethnic traditions, cultural growth and socio-cultural developments of the Philippines. The BSP series consists of the bust of former president Emilio Aguinaldo on the 5peso coin and the face of Dr. Jose Rizal on the 1-peso coin with the logo of BSP on the other side of the coin, Centennial Banknote was the issuance of 1000 copies of money with a legal tender

equivalent to 100, 000 and has a measurement of 8.5 by 14. Lastly, the Commemorative issues were the result of the various historical events that took place in the country. Source: BSP