1903 - 1935

Obverse and reverse of the famous 1906-S Philippine Peso (38 mm) designed 
and engraved by Melencio Figueroa and minted in San Francisco,
California. It is the most popular and the signature coin of the U.S. - Philippine Series.
The Coinage Act of 1903 established in the Philippines a monetary system based on the gold standard providing for a Philippine Peso pegged to the U.S. Dollar at 2:1. The series of coins that resulted from this decision is often referred to as "CONANT COINS" after Charles A. Conant, an American monetary expert. Philippine pesos were minted in San Francisco and Philadelphia and, from 1903 to 1906, were 416 grams in weight and .900 fine silver.

The designer and engraver of these coins was Melecio Figueroa, a famous Filipino artist. The  reverse  shows a standing female figure in a Philippine dress with wind-blown hair, clutching a hammer resting on an anvil with the famous Mayon Volcano at the right background, while the obverse displays the heraldic American eagle facing left with outspread wings on a stylized shield version of the American flag.

Not long after the issuance of the Conant coins, silver prices started to rise, the bullion market became frantic and silver coins were being smuggled out of the country in massive quantities. To stem this monetary blood-letting, the American authorities discontinued the minting of the peso by early 1906 and decided to recall these coins in order to re-coin them into reduced sizes (308.64 grains) and lesser fineness (.750 fine). As a result of this recall and re-coining, very few of the original 201,000 1906-S Pesos probably managed to survive the melting pot as they are now RARER than the SCARCE 1904 (P) Peso which originally had a lower mintage of only 11,355. The 1906-S Peso is thus the RAREST and, particularly in high grade, the most sought after among the U.S.-Philippine coins.

The 1906-S Peso featured here in ALMOST  UNCIRCULATED  state (Uncirculated pieces have been reported but not verified) is the most popular and desirable of the series and is considered the SIGNATURE COIN of the entire U.S. - Philippine coinage. Surviving number unknown. (Philippine collection)