Owner Comments:

Mint: Manila
Mint Mark: M
Mintage: 100,000
Designer: Melicio Figueroa
Composition: Silver
Fineness: 0.7500
Weight: 4.0000g (61.72 grains)
ASW: 0.0964oz
Melt Value: $1.58 (7/20/2017)
Diameter: 20mm
Edge: Reeded

The obverse and reverse designs of the 1907 through 1929 Twenty Centavos are the same as the 1903 through 1906 Twenty Centavos.

In 1907 a rise in the price of silver forced the reduction of the fineness and weight for all Philippine silver issues. The silver Twenty Centavos was reduced in fineness from .900 silver, 5.385 Grams to .750 silver, 4.0 Grams, and the diameter was reduced from 23 mm to 20 mm. Business strikes of the reduced size and weight Twenty Centavos were struck at the Philadelphia Mint in 1907, the San Francisco Mint from 1907 through 1919, and the Manila Mint in 1920 and 1921 and again in 1928 and 1929. Proof reduced size and weight Twenty Centavos were struck at the Philadelphia Mint in 1908.

All 1928-M Twenty Centavos are "MULES", combining the regular Twenty Centavos obverse die with a regular Five Centavos reverse die, which bears a narrower shield and larger date than the Twenty Centavos reverse. Unlike the 1918-S Five Centavos MULE which was made in error the 1928-M Twenty Centavos MULE was made intentionally to fill a rush order for Twenty Centavos pieces from the banking community. Since no reverse dies for Twenty Centavos had been sent from Philadelphia that year, the only suitably sized reverse die available was that used for Five Centavos coins. A 1927 Five Centavos die was altered and used for the 1928 Twenty Centavos. The underdate feature is faint at best and is rarely if ever detectable. The 1928 Twenty Centavos has a M Mint Mark on the reverse to the left of the date. The 1928/7-M MULE had a Mintage of only 100,000 coins making it the lowest mintage "Reduced Size & Weight" Twenty Centavos and a key date in the Twenty Centavos series.

NGC Population: 5/8 (7/20/2017)
PCGS Population: 1/25 (7/20/2017)
Combined NGC/PCGS Population: 6/33 (7/20/2017)