Within the Complex of the Bangko Sentral Ng
Total Page:16
File Type:pdf, Size:1020Kb
Within the complex of the Bangko Sentral ng Pilipinas, the nation's central monetary authority, resides a numismatist's haven - the Museo ng Bangko Sentral ng Pilipinas. Inaugurated on January 3, 1999, as part of the celebration of the 50 years of central banking in the Philippines, the Museo showcases the Bank's collection of currencies. As repository and custodian of the country's numismatic heritage, the Museo collects, studies and preserves coins, paper notes, medals, artifacts and monetary items found in the Philippines during its different historical periods. These collections have been placed on permanent display at the Museo. Designed to "walk" the visitor through a number of galleries, individually dedicated to a specific historical period of the country, the Museo visually narrates the development of the Philippine economy, parallel to the evolution of its currency. Complementary paintings from the BSP art collection, together with chosen artifacts, enhance each gallery. A panoramic memorabilia of 50 years of central banking in the Philippines, showcases the strides made in bringing about price stability, to sustain economic growth in the country. The exhibition hall also carries the busts of the governors of the Central Bank/ Bangko Sentral. Archaeological evidence indicates that small seafaring communities existed throughout the Philippine Archipelago for at least 2000 years, prior to the arrival of the Spaniards. The chief means of trading was barter. Records show that Chinese merchants came to the Philippines to trade porcelain, silk and metalware in exchange for gold, pearls, beeswax and medicinal plants, which the Philippines is naturally rich in. Excavations also unearthed gold ingots, known as piloncitos, the first recognized form of coinage in the country. Barter rings in different sizes, gold ornaments and beads were the other objects used as medium of exchange during the period. The Galleon Trade, which started during the colonization of the Philippines in 1565 and lasted for 250 years was responsible for transforming Manila into a trade center for oriental goods. These were brought across the Pacific, in exchange for odd-shaped silver coins called cobs or 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 or Municipality of Manila in response to the acute shortage of fractional coins. These were called barrillas which first appeared in 1728.In 1852, the first banknotes called pesos fuertes were issued, and in 1861,the Casa de Moneda de Manila minted the first gold coins with the word "Filipinas " inscribed, which were called Isabelinas and Alfonsinos. On August 23,1896,the Cry of Balintawak, headed by Andres Bonifacio signaled the start of the Philippine Revolution. After General Emilio Aguinaldo's proclamation as President of the First Philippine Republic, Two types of 2-centavo copper coins were struck in the army arsenal of Malolos. Because their mintage was so few, they are considered extremely rare collection. Paper notes were also issued, but the circulation was limited because the government was short-lived. When the Americans took over the Philippines in 1901,the US Congress passed the Philippine Coinage Act, which authorized the mintage of silver coins from 1903 to 1912. Subsequently, Silver Certificates were issued until 1918. These were replaced with Treasury Certificates from 1918 to 1935. The American Government deemed it more economical and convenient to mint silver coins in the Philippines, hence, the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth Period. This also became the first seat of the Central Bank in 1949. During the Japanese Occupation from 1941 to 1944,two kinds of notes circulated - the Japanese Invasion Money issued by the Japanese Government, and the Guerrilla Notes or Resistance Currencies issued by Filipino guerrillas. Republic Act No.265 created the Central Bank of the Philippines (CBP) on January 3, 1949, which was vested the power of administering the banking & credit system of the country. Initially, the CBP issued the Victory Notes with the overprint "Central Bank of the Philippines " in 1949. The first official banknotes issued by the Central Bank were the English series in 1951,followed by the Pilipino series in 1967, the Ang Bagong Lipunan series in 1973 and the New Design series in 1985. Central Bank coins of the English series were also issued in 1959, followed by the Pilipino series in 1967, and the Ang Bagong Lipunan series in 1975. The Flora and Fauna series were introduced in 1983, and subsequently, the improved version in 1992, until the demonetization of all the series in 1998. The exhibits commemorating the Philippine Centennial aim to instill in the hearts and minds of Filipinos the spirit of nationalism and the ideals of liberty for which our heroes unselfishly dedicated themselves. Showcased are special coins and banknotes featuring our national heroes in their struggle for freedom. The Rizal Tradition features our national hero, Dr.Jose Rizal in different issues of Philippine currency. Another significant item is the 100,000-piso centennial note, measuring 8 1/2 " x 14 ",accredited by the Guinness Book of Records as the world 's biggest legal tender note. To commemorate important historical events, medals and special coins in gold and silver, with limited mintage are issued by the Bank. Some of these pieces commemorate important state visits to the country by heads of states, side from other significant international events held in the Philippines. Ref.: http://www.bsp.gov.ph/about/history/museum1.asp .