United States coinage for the Philippine Islands is one of the most interesting and historically important series of U.S. coins.
After the United States defeated Spain in the Spanish-American war of 1898, the Philippines, along with Puerto Rico, became United States possessions. Although regular U.S. coins and paper money were used in Puerto Rico and other U.S. territories, the economy of the Philippines was too poor to use the U.S. dollar. In 1902 a bill was signed by President Theodore Roosevelt authorizing a new and distinct coinage to be struck for use in the United States Territory of the Philippines.
The "Peso" was established as the basic economic unit for the new coinage and paper money. The official valve for the Philippine Peso was established at 50 Cents U.S. This exchange rate remained constant from 1903 through 1946.
In addition to the silver Peso minor silver coins were struck in Fifty Centavos, Twenty Centavos, and Ten Centavos and base medal coins were struck in Five Centavos, One Centavo, and Half Centavo denominations.
The Philippines is the only U.S. possession for which a separate coinage was ever produced.
U.S./Philippine coins were issued from 1903 through 1945. U.S./Philippine coins were struck at the Philadelphia Mint from 1903 through 1908 and the San Francisco Mint from 1903 through 1919. In 1920 a United States Branch Mint was established in Manila. The Manila Mint produced all of the U.S./Philippine coinage from 1920 through 1941. The Manila Mint was the only United States branch mint ever established outside the continental limits of the United States. The Manila mint was destroyed during World War ll. 1944 and 1945 U.S./Philippine coins were struck at the Philadelphia, Denver or San Francisco Mints.
Unlike other colonial powers the U.S. always had intentions of giving the Philippine Islands full independence once the basis for good government was established. In 1935 a Constitution for the Philippines was approved and the Philippines were granted Commonwealth status. On July 4th 1946 the Republic of the Philippines became a free and independent nation. The U.S. issued coins remained in use in the Philippines until the mid 60's.