In part 2 of the History of Philippine Paper Money we will take a look at Philippine banknotes/paper money from the short-lived First Republic of the Philippines – First Republic (1899-1901).
First Republic
1896 saw the start of the revolt against the Spanish with Emilio Aguinaldo as a major driving force. Many battles were fought between the Spanish and the revolutionaries before the outbreak of the Spanish-American war in 1898. American forces took on the Spanish in the Battle of Manila Bay where Aguinaldo’s forces fought alongside the Americans to drive the Spaniards out of Manila. Afterwards Aguinaldo assumed control under a provisional dictatorial government until stability could be achieved. Little did he know, the Americans had also signed the Treaty of Paris which transferred control of the Philippines to the United States from the conquered and embattled Spanish. And so the short-lived American-Philippine war would soon begin.
The First Philippine Republic was established on January 21 1899 in Malolos, Bulacan and lasted until Aguinaldo was captured by US forces in 1901. As leader of the Revolutionary Government, Emilio Aguinaldo ordered the issue of multiple banknotes (and postage and revenue stamps). Banknotes were ordered in denominations of 1, 2, 5, 10, 25, 50 and 100 pesos, however only the 1 and 5 peso notes actually made it into circulation (and in very limited quantities). All notes were quite crude in design and bore the signatures of Messrs. Chuidan, Limjap and Paterno to help reduce the chance of forgery.
| Image | Denomination/Years | Notes |
|---|---|---|
| not acquired | 1 Peso 1899 (Type PA26) | extremely rare |
| not acquired | 5 Peso 1899 (Type PA25) | extremely rare |
Read on for American Colonial Insular Government banknotes.