JAA USA/Philippines Proof Collection
1905 20C

Owner Comments:

Mintage: 471
Combined NGC/PCGS Population 14/17 (NGC Pop 4/3, PCGS Pop 10/14)
Composition: Silver
Fineness: 0.9000
Weight: 5.3849g
ASW: 0.1558oz
Edge: Reeded

The obverse design by Melicio Figueroa features a young Filipino woman standing to the right in a flowing dress while striking an anvil with a hammer held in her right hand, the left hand is raised and holding an olive branch. In the background is a billowing volcano. The reverse design, also by Melicio Figueroa, depicts an eagle with spread wings perched atop an American shield. The Large (23 mm) Twenty Centavos minted from 1903 through 1906 had a weight of 5.385 Grams of .900 Silver. With an official exchange rate of two Philippine Pesos to one U.S. dollar it was not long before the value of the silver content in the Large Twenty Centavos exceeded its face value and many were melted during the great silver melts of the period. In 1906 the silver coins held in reserve by the Treasury to back the Philippine paper money then in circulation were exported to the U.S. for re-coinage into the reduced size and weight pieces which followed in 1907. Lyman Allen estimates that less than 20% of all 1903-1906 silver coinages exist today in any grade. Business strikes were coined at the Philadelphia Mint in 1903 and 1904 and the San Francisco Mint from 1903 through 1905. Proofs of the Large Twenty Centavos were made in very limited quantities at the Philadelphia Mint from 1903 through 1906. Proof sets were not sold in any sort of protective packaging or cases but were contained in plain paper envelopes and each coin was wrapped individually in thin tissue paper. This method of packaging has contributed to the micro thin hairline scratches seen on most proof coins as well as the heavy toning often seen. GEM proof coins are very scarce.