2024 ANA-WFM EXHIBIT INVENTORY - US PHILIPPINES PROOF SETS

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Without a doubt the Large Peso is the "King" of the USA/Philippines Type Set. The large 38 mm size of this coin showcases the beautiful obverse design of Melicio Figueroa which features a young Filipino woman standing to the right in a flowing dress while striking an anvil with a hammer held in her right hand, the left hand is raised and holding an olive branch. In the background is a billowing volcano. The reverse design depicts an eagle with spread wings perched atop an American shield.At a weight of 26.95 Grams of .900 Silver the Large Peso, minted from 1903 through 1906 had a silver content equal to the U.S. Morgan Dollar. With an official exchange rate of two Philippine Pesos to one U.S. dollar it was not long before the value of the silver content in the Large Peso exceeded its face value and many were melted during the great silver melts of the period. In 1906 the Silver Pesos held in reserve by the Treasury to back the Philippine paper money then in circulation were exported to the U.S. for re-coinage into the reduced size and weight pieces which followed in 1907. Lyman Allen estimates that less than 20% of all 1903-1906 silver coinages exist today in any grade. The weight and size of this coin made it particularly prone to bag marks so Choice BU and GEM BU specimens of business strikes are a challenge to collect. Business strikes were coined at the Philadelphia Mint in 1903 and 1904 and the San Francisco Mint from 1903 through 1906. Proof Large Pesos were made in very limited quantities at the Philadelphia Mint from 1903 through 1906. Proof sets were not sold in any sort of protective packaging or cases but were contained in plain paper envelopes and each coin was wrapped individually in thin tissue paper. This method of packaging has contributed to the micro thin hairline scratches seen on most proof coins as well as the heavy toning often seen. Choice and GEM proof coins are very scarce. The mintage of the 1903 Proof Peso is 2,558. The NGC population on the 1903 Peso in Proof-63 is 21 coins with 24 specimens graded higher. The combined (NGC, PCGS, ANACS) certified population is 39/64. This coin is a beautiful, untoned, fully brilliant well struck example of the Large Peso.