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Are US/Philippines coins and paper money issues redeemable at the US Treasury?
291fifth
Posts: 25,233 ✭✭✭✭✭
The US/Philippine Peso was valued at 50 cents US during the time of their use. US soldiers in the Philippines were paid in US/Philippines coins and currency while they were stationed there until Philippine independence. When they left for the US their US/Philippines coins and currency would be exchanged for US dollars.
Were the US/Philippines coins and currency redeemable at the US Treasury in the US during the period of their issue?
Are the US/Philippines issues redeemable at the US Treasury today?
(This is my 20,000th post.)
All glory is fleeting.
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Interesting question.
Congrats on the BIG 20,000!!
I love the US-Philippines peso series. I am trying to collect all of them!
I don’t think so. Utilization does not equal denomination. Even if they were tied through the banks through regulation as a 1-1 they were two separate things. Even their weights and silver content (75% AG vs 90%) are less compared to their American counterparts. Seeing that they were made at they same places. The manufacturing went out of their way to show they were not the same things. Damn pretty though
11.5$ Southern Dollars, The little “Big Easy” set
Good question. Congrats on 20,000!
See my post above. My thoughts on the relevance of adoption versus what it is were stated. What Filipino currency traded for comparatively at X point is not relative to what it is worth at Y point.
While it may have been encouraged to be adopted at bases and port cities I doubt they tied an inferior weight standard to the national standard indefinitely. And the fact sailors were paid means nothing without context. They could have gotten a COLA built into the conversion, who knows.
11.5$ Southern Dollars, The little “Big Easy” set
I bought this bad boy today not sure if I’ll keep it or resell.
Hmmm. Euros are "convertible" to USD.... Exchanged, actually.
If the Philippines peso was convertible to USD it may have been a one-sided deal. If the Philippines govt was willing to convert them that would not necessarily mean the US treasury would convert them.
(I have not yet been able to read the linked article).
I’d be more than willing to convert your silver pesos in exchange for two of my dollar bills. Just send me a message if you would like me to convert 😉
@291fifth.... Congratulations on your 20K post.... Cheers, RickO
1917-S US Philippines (USPI) - 10 Centavos - Broadstruck
I'm not worried about trying to redeem this at face value
No US era/BEP printed Philippine currency is legal tender or redeemable today, even at the Central Bank of the Philippines.
Details follow, as there were various types of currency issued:
Philippines Islands Silver Certificates were withdrawn and replaced by Philippine Islands Treasury Certificates on 1 August 1918.
Banco Espanol Filipino/Bank of the Philippine Islands Pesos were withdrawn from circulation and were no longer considered to be legal tender by the outbreak of World War II in the Philippines in 1941; however, they were not officially demonetized until 12 July 1950 per Philippines Executive Order No. 310.
Philippine National Bank Circulating Notes were withdrawn from circulation in 1948 (based on Philippine Republic Act No. 211) and were no longer considered to be legal tender. At this time, Non-Japanese issued notes were eligible for immediate redemption for Treasury Certificates, while those “illegally issued” by the Japanese during WWII had to be registered and turned in to Philippine government authorities. These ‘illegal’ notes were not eligible to be redeemed, with restrictions, for Treasury Certificates until 1952.
Philippine Treasury Certificates issued before WWII (Series of 1941 and earlier) were no longer considered legal tender soon after the end of that war. However, these notes could still be redeemed at the Central Bank until 5 August 1961. The 500 Pesos 'Victory' Philippine Treasury Certificates were demonetized on 31 December 1957. All other "Victory' and 'Victory/CBP' Treasury Certificate denominations were no longer legal tender on 30 July 1964 and demonetized on 20 July 1967.