had the Philippines won its independence from Spain when it was again engulfed
in a historic conflict with a new and formidable invader. By April 1, 1901,
the United States had exacted an oath of allegiance from Aguinaldo, thereby
ending the First Philippine Republic. In the midst of monetary chaos and
depletion, Congress passed the 1903 Coinage Act for the Philippines, establishing
a new monetary system based on the gold standard. Beginning 1903, in San
Francisco and Philadelphia, silver coins of 1 peso, 50, 20 and 10 centavos
and base metal coins of 5, one and half centavo were issued bearing the
name "FILIPINAS" on one side and "UNITED STATES OF AMERICA" on the other.
The half-centavo soon proved to be inconvenient and was withdrawn from
general circulation by 1904. Due to the significant increase in the value
of silver, the larger denominations suffered a reduction both in size and
fineness by 1907. On July 15, 1920 the Manila Mint opened its doors and
took over the production of Philippine coins.