Owner Comments:
A very nice example of the 1908-S USA-PHIL Peso. I used Google to research this coin. Given the lack of shipwreck vs. salvage, I am listing this coin as the last coin in my Treasure set.
The 1908-S USA-Philippines silver peso, part of the "Manila Bay Treasure," was among millions of coins dumped in Manila Bay during 1942 by U.S. forces to prevent Japanese capture. These 80% silver, San Francisco-minted coins were recovered decades later, often showing corrosion or environmental damage, making them popular, historical "salvage" collectibles.
Historical Context and Salvage Details
• Origin: The 1908-S peso was struck at the San Francisco Mint as part of the U.S. Administration.
• The Dump: In early 1942, as Japanese forces invaded the Philippines, Gen. Douglas MacArthur ordered over 15-17 million pesos (including 1908-S) dumped into Manila Bay.
• Salvage Efforts: The Japanese attempted recovery during the war but failed due to decompression sickness. Significant recovery began in the 1970s by the U.S. Seventh Fleet Ship Salvage Group, with over 8 million coins retrieved.
• Condition: Many salvaged coins exhibit surface corrosion, encrustation, or cleaning from decades underwater.
• Numismatic Value: These coins are often certified by NGC or PCGS with "Manila Bay" or "Shipwreck" designations. Despite over 4 million still estimated to be at the bottom, high-grade, non-corroded examples are rare.
The 1908-S, with a mintage of over 20 million, is a common date, but the "Manila Bay" designation adds significant historical value.