In the Pre-Hispanic era of Philippine, barter rings and jewelry formed the first Philippine coins. These old Philippine coins had a flat base that bore an embossed inscription of the letters “MA” or “M”. Philippine barter rings were made of pure gold and usually used for trading with the Chinese and other neighboring countries together with the metal gongs and other ornaments made of gold, silver and copper.
Due to shortage of fractional Philippine coins during theSpanish Colonial era, the crude copper or bronze called barillas were minted. In the 19th century, Spanish colonies in central and southern America declared themselves independent. They issued silver Philippine coins bearing revolutionary symbols and slogans. Spanish officials counter-stamped coins with word F7 or YII.
With the coming of United States Administrations, monetary system was based on gold and pegged the Philippine peso to American dollar at 2:1 ratio. Philippine coins issued in one-half centavo to one centavo denominations.