The Coin Shortage of 1917
1 PESO P42

View Image Gallery >

Front
Enlarge   
Back
Enlarge   

Note Details

Set Details
Note Description: Philippines / WWI Emergency Issue
1 Peso 1917
Grade: 64
Country: PHI
Note Number: PHI42
Signatures/
Vignettes:		 - National Bank
Certification #: 1817771-004  
Owner: coin928
Sets Competing: The Coin Shortage of 1917  Score: 663
Date Added: 10/1/2018
Research: See PMG's Census Report for this Note

Owner's Description

U.S. Philippines - One Peso, Issued September 22, 1917 - Total issued: 2,000,000
Serial Number: 730173

World War I greatly increased commerce in the Philippines raising demand for circulating coinage. Rising silver prices made conditions even worse because people began hoarding silver coins which were already in high demand. The U.S. Mint was overwhelmed with demand for domestic coinage and was also minting coinage for other foreign countries due to the war.

These conditions finally caused the Philippine National Bank to issue these notes and 50 Centavos notes on September 22, 1917. 10 and 20 Centavo notes followed roughly a month later on November 20, 1917. The crisis was short lived and the notes were retired relatively quickly as they were returned to the bank.

Most notably, these were the first one peso notes issued in the Philippines.

This particular note was purchased as part of a complete set of four notes. I was (and likely still am) a novice in the area of bank notes and I thought I had gotten quite a good deal on the set of four. I submitted them to PMG for certification and grading, hoping for good grades on all of them. I was greatly disappointed to find out that only the one peso note was genuine, so my good deal turned out to be just a reasonable price for the single genuine note. Combine that with the cost of grading for four notes though and this was a rather expensive lesson. All the rest are being purchased in their holders!

Date acquired: 9/21/2017 (Raw set of notes)
Date graded: 10/1/2018 (Self submitted to PMG)

Rev. 8/28/2023

To follow or send a message to this user,
please log in