Owner Comments:
1907 is the first year of the smaller-sized Peso in this series.
The silver crisis of 1905 which affected the Philippine Peso culminated in November 1906 as the Peso coin’s bullion value exceeded its money value by as much as 13% (Shafer, 1961). As a final solution to this dilemma, Congress passed a law in December 1906 to re-coin all 1903-1906 Peso coins into pieces which contained less silver.
The Congressional Act of December 6, 1906 defined a new standard for the Peso’s silver content, reducing it from 90% to 80% (the silver weight went from 416 grains to 308.64 grains). Additionally, the coin’s size was also reduced from 38 mm to 35 mm.
The Philadelphia mint struck trial pieces of various fine metal weights (Shafer, 1961). Two of these trial pieces survive today—one struck on a planchet of the same diameter and fineness used for the Peso coins of 1903 to 1906, and the other struck on the new 35 mm planchet with reduced fineness (Guth, n.d.).
Neil Shafer (1961) found that “there was much discussion regarding such a change—from its probable effects upon the Filipino people to the extra wear and tear on mint machinery from the harder planchets with more alloy” (pg 15).
Finally, by April 1907, the new coinage was approved and production began at the San Francisco mint (Shafer, 1961). A month later, on May 4, the first consignment of the new coins arrived in Manila and the operation of placing the new money in circulation was commenced immediately (Kemmerer, 1912, p. 252).
To ensure a smooth and expedient circulation of the new coins, an information campaign was implemented. It included an explanatory circular which was disseminated to the public throughout the Islands. It was even translated into Spanish, Chinese, and eleven native dialects. "In addition, all provincial treasuries were directed to carry on a general campaign of education in order that. . . [the people] might become thoroughly acquainted with the new currency and the reasons for the change in its weight and fineness (Kemmerer, 1912, p. 252).
Initially, just like the 1903 Peso coin's introduction, this newly re-sized Peso coin faced some discrimination. According to the Philippine Treasurer Report of 1907, "from some sections reports were received that Chinese traders would not receive the new coins in business transactions except at a discount varying from 20 to 40 per cent, and that they were offering as high 5 per cent premium in the new coin for the old" (Report, 1907, p. 68).
But in the end, "the educational campaign carried on by the Government and by the banks, coupled with the fact that the new silver coins were readily interchangeable at government treasuries throughout the Islands for silver certificates and nickel and copper coins, with which the people were familiar, soon broke down all discrimination" (Kemmerer, 1912, p. 253).
By October 15, 1907, the new coin was "accepted without question in every part of the Islands, and no reports or complaints have been received for the past two months as to discounting, and so far as can be ascertained no premium is now paid for the old coin." In fact, the report continues, "the demand for new coin for exchange purposes has so far exceeded the supply that it became necessary to withdraw nearly half a million of the new pesos from banks to meet requisitions therefor from the provinces" (Report, 1907, p. 69).
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This coin has reflective surfaces and silver centers with delicate golden borders that accent its frosty luster. Small contact marks are present, commensurate with the grade, but overall, this coin is rather attractive.
As I mentioned in one of my comments in this set, I didn't like toned coins. That was until I acquired this one. Its nice peripheral toning made me accept toning a one of the qualities that define a coin.
⚙️ Coin Specifications and Information
Composition: Silver
Fineness: 0.8000
Weight: 20.0000g
ASW: 0.5144oz
Diameter: 35mm
Edge: Reeded
Alignment: ⬆️ ⬇️
Mintage: 10,276,000
KM# 172
📆 This Year in Philippine History
On October 16, 1907, The Philippine Football Federation (PFF) was established as the Philippine Amateur Football Association (PAFA). The PFF is the governing body of association football in the Philippines and is one of the oldest national football associations in Asia. It is also among the founding members of the Asian Football Confederation (AFC). The PAFA reorganized as the Philippine Football Association (PFA), and later as the Philippine Football Federation.
In 1917, the first Spanish and Filipino footballer to play for a European club, Paulino Alcántara Riestra, was selected by the Philippines to represent the country at the Far Eastern Championship Games in Tokyo. He helped them defeat Japan 15–2, which remains the largest win in Philippine international football history.
In 1961, stakeholders of Philippine football officially organized themselves to establish the Philippine Football Association (PFA) which was later reorganized as the Philippine Football Federation in 1982.
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📖 Information sources:
Shafer, N. (1961). United States Territorial Coinage for the Philippine Islands. Whitman Publishing Company.
Guth, Ron. PCGS Coin Facts, 1907 Peso (Proof). Retrieved 18:50, September 19, 2021, from https://www.pcgs.com/coinfacts/coin/1907-peso/374990
Kemmerer, E. W. (1912). The Recent Rise in the Price of Silver and Some of Its Monetary Consequences. The Quarterly Journal of Economics, 26(2), 215–274. https://doi.org/10.2307/1884764
Available under a Creative Commons Attribution 3.0 license. For more information see https://creativecommons.org/licenses/by-nc/3.0/
Report of the Treasurer of the Philippine Islands, 1907, pp. 68-69. Retrieved 20:16, November 20, 2021, from https://quod.lib.umich.edu/p/philamer/acx1716.1907.003/79
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-172-1907-1912-cuid-1112357-duid-1518523
Numista Coin Catalog. Coins from Philippines. Retrieved 21:24, September 5, 2021, from https://en.numista.com/catalogue/pieces4349.html
Wikipedia contributors. (2021, October 12). Philippine Football Federation. In Wikipedia, The Free Encyclopedia. Retrieved 16:54, October 14, 2021, from https://en.wikipedia.org/w/index.php?title=Philippine_Football_Federation&oldid=1049524128