Owner Comments:
Lyman Allen #8.18 (KM #169) - Mintage: 1,280,000
General
When the great depression hit the United States in 1929, it took the Philippine economy with it. Demand for circulating silver coinage fell off dramatically, and the reserves in the treasury vaults grew through 1932 when the year ended with over 5.1 million ten centavos coins in the treasury vaults. Reserves began declining in 1933 and reached a critical level in 1935. The order then came from the treasury for the striking of new ten centavo coins. Although the coins were reported by the mint as having been struck in 1935, they were not transferred to the treasury until 1936, so the order must have come very late in the year. Even though the Insular Territory of the Philippine Islands became The Commonwealth of the Philippines on November 15, 1935, these coins could still have been struck in the second half of November or in December. We know that the change to Commonwealth status did not impact the production of 1936 dated Centavo coins bearing the territorial reverse.
Based on treasury records, the the number reserved in the treasury at the end of 1936 was less than in 1935, so it would appear that most 1935 dated ten centavos would have been immediately released into circulation. High grade uncirculated specimens are still fairly easy to obtain though, so collectors may have saved them since it was the last issue of the territorial design.
This coin
This coin is uncirculated and well preserved, but it is softly struck, so much of the detail is either lacking or poorly defined. The denticles on both side are weak, but are virtually non-existent above "UNITED STATES" on the reverse.
Varieties
None reported for this date.
Date acquired: 2/17/2006 (raw coin)
Date graded: 10/12/2017 (self-submitted to NGC)
References
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 11/16/2020