Owner Comments:
Lyman Allen #10.01 (KM #166) – Mintage: 5,352,789
Total Mintage: ............................ 5,352,789
Reserved for Assay: ..........................2,677
Estimated Recoined: ............... 4,514,627
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Maximum possible surviving ..... 835,495 (15.6% of total minted)
On August 13, 1898, the Philippine Campaign of the Spanish-American War ended when the city of Manila fell to Commodore George Dewey. A U.S. Military government was established and remained in place until The Philippine Organic Act ( popularly known as The Philippine Bill) was approved on July 1, 1902. This bill established the Insular Government which would remain in place until 1935. The Philippine Islands would continue to be guided by the United States as The Commonwealth of the Philippines until the US ceded its sovereignty over the Philippines on July 4, 1946.
Although the Philippine Campaign ended in 1898, it would be 1903 before U.S. politicians could agree on a monetary policy in their new territory. Spanish-Filipino and Mexican coins circulated freely at the time and U.S. coinage had to be imported to satisfy the needs of the U.S. forces living there. The exclusive use of U.S. coinage was proposed at a conversion rate of one half dollar per Peso, but this was strongly opposed by the local population. In 1900, the ground work was finally laid for a Philippine coinage system by the Philippine Commission. The proposed system was based on the U.S. gold dollar and a hypothetical gold Peso, which would be valued at half a dollar. Congress didn't move any faster then than it does now and it took three more years before both houses could agree on the authorizing legislation. On March 2, 1903, the U.S. Congress finally approved a measure entitled
An Act to Establish a Standard of Value and to Provide for a Coinage System in the Philippine Islands. Specimen coinage was struck and approved on March 9, 1903 and minting of all seven denominations commenced soon thereafter.
This coin is a nice white example of this early date.
Varieties
None cataloged for this year.
Date acquired: 4/7/2013 (already graded by PCGS)
References
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 11/2/2019