Owner Comments:
This coin is the first in the series of United States-Philippines (USPI) peso coins. Minted in Philadelphia, it was placed into circulation on 23 July 1903. The new peso, along with the rest of the new currency, initially met unexpected resistance especially from Chinese merchants, who preferred the Mexican Peso over the Philippine Peso, despite the latter having a higher monetary value. Recall that the new Philippine Peso was on the gold standard and was worth more than a Mexican Peso because in this gold exchange system, the new silver coins were token coins, the value of which was higher than that of their silver content.
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The silver surfaces of this near-Mint example still show a generous amount of luster, with splashes of delicate copper toning mostly on the peripheral areas. The few marks and minor hairlines that come with light circulation are not distracting, and only a trace of wear appears on the high points. Overall, it's quite an attractive coin.
⚙️ Coin Specifications and Information
Composition: Silver
Fineness: 0.9000
Weight: 26.9500g
ASW: 0.7800oz
Diameter: 38mm
Edge: Reeded
Alignment: ⬆️ ⬇️
Mintage: 2,791,000
KM# 168
📆 This Year In Philippine History
On March 14, 1903, the Manila Electric Company (Meralco), which supplies electric power to residents of Metro Manila (National Capital Region) and the exurbs that form Mega Manila, was established. Originally named "Manila Electric Railroad and Light Company", it was the first power company given franchise to operate electric cars, called Tranvia, and provide electricity in Manila and surrounding areas.
Meralco dates back to La Electricita, an electric company first organized in 1891. La Electricita began operations in late 1894, becoming the first electric company to provide electricity to Manila towards the close of the Spanish era. La Electricista had built a central power plant on Calle San Sebastian (now Hidalgo Street) in Quiapo, Manila. On January 17, 1895, its streetlights were turned on for the first time and by 1903, it had about 3,000 electric light customers.
The Manila Electric Company acquired both La Electricista and the Compañía de los Tranvías de Filipinas, a firm that ran Manila's horse-drawn tramways which was founded in 1882. Construction on the electric tramway began that same year. In addition to acquiring La Electricista's Calle San Sebastian power plant, the company built its own steam generating plant on Isla Provisora (later becoming the Manila Thermal Power Plant), which powered the tram system and eventually also the electric service. By 1906, the Manila Electric Company's annual power output capacity was around eight million kWh.
By 1915, electricity generation and distribution became the main MERALCO's main income generator, overtaking its public transportation operations in terms of revenue. In 1919, it changed its official name to Manila Electric Company. By 1920, the company's power capacity had grown to 45 million kWh.
Meralco's operation was interrupted during World War II and rehabilitation was undertaken in 1945. In 1962, it changed its ownership from American to Filipino.
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📖 Information sources:
Wolters, W. G. (2001). Flooded with foreign coins. Spanish and American administrators dealing with currency. Problems in the Philippines, 1890-1905, Bijdragen tot de taal-, land- en volkenkunde / Journal of the Humanities and Social Sciences of Southeast Asia, 157(3), 511-538. doi: https://doi.org/10.1163/22134379-90003800
Available under a Creative Commons Attribution 3.0 license. For more information see
https://creativecommons.org/licenses/by-nc/3.0/
Wikipedia contributors. (2020, June 2). Sheldon coin grading scale. In Wikipedia, The Free Encyclopedia. Retrieved 21:30, September 5, 2021, from https://en.wikipedia.org/w/index.php?title=Sheldon_coin_grading_scale&oldid=960391269
NGC, World Coin Price Guide, Philippines Coin Price Guide (Powered by NumisMaster), Retrieved 21:27, September 5, 2021, from https://www.ngccoin.com/price-guide/world/philippines-peso-km-168-1903-1906-cuid-1085604-duid-1519450
Numista Coin Catalog. Coins from Philippines. Retrieved 21:24, September 5, 2021, from https://en.numista.com/catalogue/pieces4349.html
Today in Philippine History, March 14, 1903, the Manila Electric Company was established. Retrieved 10:15, October 1, 2022, from https://kahimyang.com/kauswagan/articles/1009/today-in-philippine-history-march-14-1903-the-manila-electric-company-was-established
Wikipedia contributors. (2022, September 29). Meralco. In Wikipedia, The Free Encyclopedia. Retrieved 10:34, October 1, 2022, from https://en.wikipedia.org/w/index.php?title=Meralco&oldid=1112962434