BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1902-04-12
RelD1 On GlOlilI Coins.
Interesting Data Furnished By
Bureau Of Insular Affairs.
Origin Of Colonial Coinage,
The Various Coins In Use Throughout The
Asatic Archipelago

In view OF the pIOulluCACS IL OoA-
gress of the subject of circulating
medium in the Philippine Islands, the
Division of Insr1ar Affairs, Department
of War has prepared the following IN
teresting account o.. the existing Coins
in our Asiatic Archipelago
The proposition is to provide silver
coin for the Philippines to take the
place of the Mexican peso which Tor
years has had an exclusive hold as the
coin of account in the current trade and
traffic transactions of the malnland and
.Archi ipelagoes of Eastern Asia.
The idea of special coins for Colonial
dependencies distinct from those OF
the realm is by no means new In tact
it is as old as the Colonial system OF
Great Britain in the nov United States
of America and apparently originated
for use right here on our own soil
within about five years of the first per
manent foot hold of the white man on
the North American continent
About the year I612-I5 coin known
as the "Hogge Money" on account OF
that animal being stamped on 1t was
issued by the English Crown in shll-
lings and six pences for circulation by
the Virginia Company.
But two of the former and one OF the
latter coins are known to have curvlved
the lapse of nearly three centuries and
are priceless in historical interest.
Nor was this the only instance of a
Colonial coinage provided by the Moth
er country for circulation among her
American subject.
The first mint it might be Ieminis,
Gently added, in the NOW United States
was established by the General Court
of Massachusetts, at Boston May "a,
1862 in denominations shilling, six
pence and three pence and known as
the pine tree money" continued until
1855, when the Mintmaster John Hull
died and the Mintage coincidently.
Lord Baltimore had chillings, six
pence and pennies coined in England
for his Maryland Colony in America in
1861
A monopoly for coming tokens" for
America was granted by England in
I772. They were of mixed metal
resem ling brass known as the Rose
American" coinage Or Woods Money
William, of that name of Wolverhamp-
ton, England, having a corner on the
coinage. which had wide circulation.
As a commercial transaction the
United States instituted an invasion Of
the field of the Mexican peso, with the
following result.
The coinage Act of 1873 pro
vided for the coinage of a
TRADE dollar of 42o grains of stan
dard silver not intended for circulation
in the U. S but for use in trade with
China and the East. 1t was practically
simply an ingot of particular weight
and fneness. The cost of coinage was
met by the person bringing the bullion
to the Mints for coinage; unintentional.
l1y however it became legal tender in
the U. S. to the amount of five dollars
with other subsidiary coins of the coun.
try.
In 1876 through the depreciation Of
silver the 42o grains in the Trade dol
lar fell below SIoo gold, which made
it's circulation on the Pacific coast a
, source of profit. This compelled the
taking way of the legal tender quality
of the Trade dollar by Act of July p
|, 1876.
In 1877 the Trade in the East shar
ed the fate of the west by becoming
worth less than $1.oo in currency which
was the circulating medium of that
; section which necessitated the discon
| tinuance of the further coinage by
: order of the Secretary of the Treasury
TO this time SIS o3o36o had been
} coined. Most of these Trades had
r been exported but large humber
were also in circulation in different
, parts of the United States.
| The Act of March 3, 1887 which
; became a Law without President Cleve
) lands signature provided for the re
de:nption at par of all Trade dollars
presented within six months. Of the
whole sum coined $7,oSo o3o were pre-.
sented and redeemed.
, OF these A. great number had been
reimported from China in expectation
of this cl max of the government
, These were melted and converted into
silver coin and standard silver dollars
The conditions which embarrassed
the circulation of the Trade 1913
have leased to exist 50 far as the Phi
lippines are concerned and the United
States has now the power to fix the
value and the legal tender quality Of
whatever coins it may see fit within its
own jurisdiction, with the very logical
res lit of ultimate acceptance as coins of
account in the regions not dominated
by western nation
The chief medium of exchange in
the Philippine Islands is the the MeM
can silver dollar, Peso of 416 grains of
silver of the fnenees of 9o2uoco.
In 1897 the Spanish Government IS
sued distinctive Filipino peso which
has circulated side by side with the
Mexican silver. This Filipino peso,
j containing less pure silver then the
, Mexican dollar, is still in circulation,
b11t constitutes only a small nercentaoe