Philippines República Filipina 5 Pesos 1898-99 Pi...Click the image to load the highest resolution version.
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Highest Known Denomination from First Philippine Republic
Philippines República Filipina 5 Pesos 1898-99 Pick A27a
PCGS New 62.
The Spanish-American War had repercussions on multiple continents which affected millions of people, and ultimately shifted the balance of power in Southeast Asia. After centuries of oppressive rule, the Spanish stranglehold on the Philippines began showing its weakness, and the Filipino people took advantage of the situation to declare independence from colonial powers. Emilio Aguinaldo lead the charge and was instituted as the first President of the Republic. Neither Spain nor the United States recognized the Republic. However, the new government in Manila issued a series of banknotes which circulated briefly and extant examples are seldom seen today. After the Spanish American War concluded, the new Philippine Republic declared war on the United States, and a three year war began. Aguinaldo and his forces surrendered to the United States in 1902, and a new series of coins and banknotes were issued the following year. This crudely made banknote is extremely rare as a fully issued banknote, complete with a serial number and a manuscript signature of Pedro A. Paterno. Ink stains and smudges are seen on this otherwise Uncirculated type. The 1 Peso is seen on occasion, but this 5 Pesos denomination is the true rarity. In fact, this is the first example with serial numbers and a signature offered in public auction. Assuredly missing from even the most advanced collections and eminently desirable. A historically important 19th century type issued by the brief Republican government created in a desperate attempt for self determination. Iconic and extremely rare, as these notes circulated from 1898 until 1903.
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