Philippine real


Philippine real

The real was the currency of the Philippines until 1852. Sixteen silver real were equal to one gold "escudo".

History

Pre-Hispanic Period

Trade among the early Filipinos and with traders from the neighboring islands was conducted through barter. The inconvenience of barter later led to the use of some objects as a medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos, small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient Filipinos, and gold barter rings.

panish Colonial Period

The Spanish period saw a multitude of currencies circulating in the Philippines, the most popular being the Mexican peso. However, other currencies like the Alfonsino peso, Mexican cob coins (locally called "hilis kalamay"), other currencies and coins from other Spanish colonies were also used. Many of the coins that reached the Philippines came because of the Manila Galleon which dominated trade for the next 250 years. These were brought across the Pacific Ocean in exchange for odd-shaped silver cobs, which are also known as "macuquinas". Other coins that followed were the "dos mundos" or pillar dollars in silver, the counterstamped coins and the portrait series, also in silver.

In the 18th century, the Royalty of Spain authorized the production of copper coins by the "Ayuntamiento" (Municipality) of Manila in response to the acute shortage of fractional coins. These were called "barrillas" and first appeared in 1728.

In 1852, the peso was introduced at a rate of 8 reales = 1 peso. However, not until 1864 did the Philippines decimalize and the real cease to circulate.

Coins

Copper coins were issued in denominations of 1 octavo (⅛ real), 1, 2 and 4 quartos (¼, ½ and 1 real). Coins from other Spanish colonies that reached the Philippines were counterstamped. From 1828, the word "MANILA" was stamped on the coins. In around 1830, the machinery of the "MANILA" counterstamp broke, so, in 1832, the king's initials "F 7" were used, changing in 1834 to those of his successor, "YII". When Spain recognized its former Latin American colonies in 1837, the practice of counterstamping stopped.

References

*


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Philippine English — is the variety of English used in the Philippines by the media and the vast majority of educated Filipinos. English is taught in schools as one of the two official languages of the country, the other being Filipino, the standardized dialect of… …   Wikipedia

  • Philippine Atmospheric, Geophysical and Astronomical Services Administration — Pangasiwaan ng Palingkurang Atmosperiko, Heopisikal at Astronomiko ng Pilipinas Agency overview Formed …   Wikipedia

  • Philippine Islands — • An island nation in the Pacific Ocean Catholic Encyclopedia. Kevin Knight. 2006. Philippine Islands     Philippine Islands     † …   Catholic encyclopedia

  • Philippine copyright law — is enshrined in the Intellectual Property Code of the Philippines, officially known as Republic Act No. 8293. The law is partly based on United States copyright law and the principles of the Berne Convention for the Protection of Literary and… …   Wikipedia

  • Real Florido — Real S. Florido is an independent film director in the Philippines and Mass Communications graduate from the Pamantasan ng Lungsod ng Maynila. His indie film Saan Nagtatago si Happiness? cite web url =http://www.pep.ph/guide/368/Saan Nagtatago si …   Wikipedia

  • Philippine Postal Corporation — Infobox Company company name = Philippine Postal Corporation company company type = State owned (government monopoly) company slogan = Across the country. Across the world. key people = Franco L. Loyola, Chairman Hector RR. Villanueva, Postmaster …   Wikipedia

  • Philippine peso — Infobox Currency currency name in local = Piso ng Pilipinas (Filipino) image 1 = Php bill 1000 front.jpg image title 1 = 1000 peso note image 2 = Php coin 1 obv.png image title 2 = one peso coin iso code = PHP using countries = PHL inflation rate …   Wikipedia

  • Real, Quezon — Infobox Philippine municipality infoboxtitle = Municipality of Real sealfile = region = CALABARZON (Region IV) province = Quezon founded = pop2007 = 33,073 popden2007 = 59 areakm2 = 557 coordinates = barangays = 17 class = 3rd Class; Partially… …   Wikipedia

  • Philippine legal codes — Codification of laws is a common practice in the Philippines. Many general areas of substantive law, such as criminal law, civil law and labor law are governed by legal codes.Tradition of codificationCodification is predominant in countries that… …   Wikipedia

  • Philippine Bar Examination — The Philippine Bar Examination is the professional licensure examination for lawyers in the Philippines. It is the only professional licensure exam in the country that is not supervised by the Professional Regulation Commission. The exam is… …   Wikipedia