Have you ever wondered why the Spanish dollar 8 Reales was dubbed Pieces of Eight? One of the monetary problems when doing small financial transactions is the lack of fractional coins. To make a change, they chopped the Spanish dollar into eight pieces, which gave birth to the term Pieces of Eight. It was acceptable practice before for any silver currencies because of the silver standard used, where a silver coins value is by its weight in silver.
To know more about the Spanish Dollar, check out the blog How Was The “Pieces of Eight” Coin Cut into Bits?
Did you know that the Philippine 10 Centavos coin holds the remarkable distinction of being the longest-running denomination in Philippine history? First introduced in 1864, this coin remained in circulation for an impressive 160 years plus, serving as a vital part of everyday transactions across generations.
From the Spanish colonial era through the American occupation, post-war independence, and into the modern Republic, the 10 Centavos adapted to changes in design, materials, and even the language inscribed on it. The journey of 10 centavos finally came to a close in 2017, marking the end of an era for one of the most enduring symbols in Philippine coinage history.
During the Spanish colonial period, the construction of the Casa de la Moneda y Timbre de Manila marked a significant milestone in Philippine coinage history.
One of the first fractional denominations produced there was the 10 Centavos, minted in 1864. Crafted from silver, this coin played a crucial role in daily commerce and introduced a new standard of fractional currency to the local economy. Its creation highlighted the evolving financial infrastructure of the Philippines and underscored Spain’s efforts to establish a structured monetary system in its colony.
Spanish Philippine Coin Series: 10 Centavos Silver Coins
When Spain ceded the Philippines to the United States, the 10 Centavos coin was among the denominations preserved and standardized under the Coinage Act of 1903. This act introduced a new series of coins for the Philippines, with designs reflecting both Filipino heritage and American influences. Later, during the Commonwealth period, the 10 Centavos was redesigned, featuring a modified reverse side that symbolized the nation's growing autonomy and aspirations for self-governance. This change in design was more than aesthetic—it represented a period of transition and the Philippines’ journey toward independence.
USPI Coin Series: 10 Centavos Silver Coins
Twelve years after the Philippines gained full independence, in 1958 the 10 Centavos coin underwent a significant redesign to reflect the country’s new era as a sovereign nation. While the obverse side continued to feature the familiar design elements from earlier coinage, the reverse side was updated to proudly display the official seal of the Philippine government, a powerful symbol of national identity and pride.
This redesign also marked the end of silver in the coin’s composition, as it was now made from more affordable materials. This change not only reflected economic adjustments but also aligned with global trends in coinage, where many countries transitioned away from precious metals.
English Coin Series: 10 Centavos Coins
In 1967, the Philippine government introduced a significant redesign of its coinage, aiming to honor prominent figures in the country’s history and culture. As part of this new series, the 10 Centavos coin featured the bust of Francisco Balagtas, one of the Philippines' most revered literary figures.
Known for his contributions to Filipino literature, particularly his epic poem Florante at Laura, Balagtas became an iconic symbol of national pride. The updated design on the coin not only celebrated his legacy but also reflected the nation’s growing sense of identity and respect for its cultural heroes.
Pilipino Coin Series: 10 Centavos Coins
Francisco Balagtas remained featured on the 10 Centavos coin for nearly three decades, continuing from the 1975-1982 ABL (Ang Bagong Lipunan) series through the 1983-1994 Flora and Fauna series. His image became a symbol of Filipino literary heritage, enduring through various phases of the nation’s coinage.
However, a notable change occurred with the 1983-1994 issue, as the coin’s composition shifted from its previous materials to aluminum, reflecting broader economic adjustments and the need for more cost-effective production methods.
ABL Coin Series: 10 Centavos Coins
Flora & Fauna Coin Series: 10 Centavos Coins
In the 1995 coin series, the design of fractional coins below 1 Piso was simplified, featuring only the denomination number on the obverse side. This minimalist approach replaced previous designs that had included notable historical figures or symbols, aiming to make the coins' values instantly recognizable.
Despite this change, the 10 Centavos coin continued to circulate for over two more decades, maintaining its role in everyday transactions. In 2017, however, the coin was officially not included in the New Generation Currency series, marking the end of an era for one of the Philippines' longest-standing denominations that remains in circulation until demonetized.
BSP Coin Series: 10 Centavos Coins
Fractional coins are now common, but there are times when small businesses can't provide exact change. In the Philippines, the law requires business establishments to come up with the correct amounts of change to consumers and should not shortchange. In the old days, this may result in chopping a coin to pieces, but laws are in place to prohibit the public from mutilating coins.
Fractional coins are crucial in any monetary system. But like 10 Centavos, they are now neglected due people's preferences. I only see them used in supermarkets. Have you seen anyone buying stuff in any sari-sari store below 25 centavos today?
Editors Note: This post was originally published Aug 11, 2023 and has been updated for accuracy and comprehensiveness.
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