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Hard-to-Find Silver Coins: Large-Type U.S.–Philippines Coin Catalog (1903–1906) #coins #collectablescoins #silvercoins #goldcoins #subscribe
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Introduction
The U.S.–Philippines coinage period (1903–1945) is a fascinating era in numismatics, blending American minting standards with Philippine cultural motifs. Among the most sought-after issues from this era are the large-type silver coins minted between 1903 and 1906. These coins, particularly the One Peso and Fifty Centavos, were produced with high silver content, large size, and intricate designs.
While these coins were intended for daily commerce, their large denominations made them impractical for small transactions. As a result, many were melted, heavily circulated, or lost over time. Today, they are considered treasures by coin collectors and history enthusiasts alike.
This catalog will explore each denomination in the large-type silver coinage series, complete with technical specifications, rarity notes, and collecting advice.
Historical Background
When the United States gained control of the Philippines after the Spanish-American War (1898) and the Treaty of Paris, it faced the challenge of creating a stable currency for the new territory. The decision was made to issue a distinct coinage for the Philippines that would be compatible with the U.S. dollar system but carry unique designs reflecting the islands' identity.
The silver coins issued from 1903 to 1906—specifically the One Peso and Fifty Centavos—were modeled after the American silver dollar and half dollar in terms of silver content but featured a standing female figure beside an anvil with the iconic Mount Mayon in the background. This imagery symbolized industry and natural beauty. The reverse displayed the U.S. coat of arms, representing sovereignty.
By 1907, the silver content was reduced, and the coins were made smaller, signaling the end of the large-type era.
Design & Symbolism
Obverse Design
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Central Figure: A woman (often interpreted as Lady Liberty) standing beside an anvil, holding a hammer, representing labor and industry.
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Background: The majestic Mount Mayon, an active volcano in the Bicol region, representing natural beauty and strength.
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Inscriptions: The denomination (ONE PESO or FIFTY CENTAVOS) and FILIPINAS.
Reverse Design
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Symbol: The American coat of arms, with a bald eagle perched atop a shield.
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Inscriptions: UNITED STATES OF AMERICA and the year of mintage.
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Mint Marks: “S” for San Francisco, “M” for Manila, although during this period most were minted in the U.S.
Catalog of Large-Type Silver Coins
Below is the expanded catalog for each year and denomination.
1. 1903 One Peso (Large Type)
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Composition: 90% silver, 10% copper
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Weight: 26.95 grams
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Diameter: 38 mm
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Edge: Reeded
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Mint: San Francisco
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Mintage: 2,558,000
Description:
The 1903 Peso is the first year of issue and remains one of the most iconic coins of the series. It carries the original large planchet with high silver content, making it a favorite among silver stackers and collectors.
Rarity & Value:
Common in lower grades, but finding examples in MS63+ is challenging due to bag marks and weak strikes.
Market Value (2025 est.):
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VG–F: $25–35
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VF–XF: $40–60
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AU: $90–150
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MS63+: $300–500
2. 1904 One Peso (Large Type)
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Composition: 90% silver, 10% copper
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Weight: 26.95 grams
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Diameter: 38 mm
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Mint: San Francisco
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Mintage: 11,361,000
Description:
The 1904 Peso is the most abundant of the large-type Pesos, making it the go-to coin for beginners collecting this series. Despite its higher mintage, many examples were heavily used, and high-grade pieces are less common.
Rarity & Value:
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VG–F: $20–30
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VF–XF: $35–50
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AU: $70–120
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MS63+: $250–400
3. 1905 One Peso (Large Type)
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Composition: 90% silver, 10% copper
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Weight: 26.95 grams
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Diameter: 38 mm
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Mint: San Francisco
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Mintage: 6,056,000
Description:
Considered scarcer than 1903 and 1904, the 1905 Peso often comes with weak strikes. Collectors prize well-struck, lustrous examples.
Rarity & Value:
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VG–F: $30–45
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VF–XF: $50–70
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AU: $120–180
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MS63+: $400–700
4. 1906 One Peso (Large Type – Key Date)
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Composition: 90% silver, 10% copper
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Weight: 26.95 grams
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Diameter: 38 mm
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Mint: San Francisco
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Mintage: 201,000
Description:
The rarest and most famous large-type Peso. Due to its very low mintage, it is highly sought after. Many were melted or lost, making genuine survivors extremely valuable.
Rarity & Value:
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VG–F: $250–400
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VF–XF: $500–800
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AU: $1,500–3,000
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MS63+: $5,000+
Collector Warning:
Heavily counterfeited; authentication by a reputable grading service (PCGS/NGC) is strongly recommended.
5. 1903 Fifty Centavos (Large Type)
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Composition: 90% silver, 10% copper
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Weight: 13.48 grams
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Diameter: 27 mm
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Mintage: 3,814,000
Description:
The half-peso shares the same design as the full Peso but is smaller. Still considered large by half-dollar standards, making it visually appealing.
Rarity & Value:
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VG–F: $10–15
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VF–XF: $20–35
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AU: $50–80
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MS63+: $150–300
6. 1904 Fifty Centavos (Large Type)
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Mintage: 4,442,000
Description:
A common date in circulated condition, but scarce in uncirculated grades.
Value:
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VG–F: $10–15
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VF–XF: $20–30
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AU: $50–70
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MS63+: $140–250
7. 1905 Fifty Centavos (Large Type)
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Mintage: 1,416,000
Description:
A semi-key date with much lower mintage than previous years.
Value:
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VG–F: $15–25
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VF–XF: $35–60
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AU: $80–120
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MS63+: $300–450
8. 1906 Fifty Centavos (Large Type – Very Rare)
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Mintage: 468,000
Description:
Second only to the 1906 Peso in rarity. Most examples are found in low grades.
Value:
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VG–F: $80–120
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VF–XF: $150–300
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AU: $500–900
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MS63+: $2,000+
Varieties & Mint Marks
During 1903–1906, the coins were mostly struck at the San Francisco Mint (S mint mark). Manila Mint production started in 1920, so these large-type coins do not have Manila issues. No known major die varieties exist, but minor strike differences occur.
Counterfeits & Alterations
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Commonly faked dates: 1906 Peso and 1906 Fifty Centavos.
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Altered dates: Some 1903–1905 Pesos are modified to look like 1906.
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Tests: Check weight, diameter, and silver ring sound. Use professional grading for expensive purchases.
Collecting Strategies
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Date Set: Acquire one of each year and denomination.
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Type Set: Get just one Peso and one Fifty Centavos from 1903–1906.
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High Grade Focus: Hunt for AU or MS coins for investment.
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Historical Display: Pair coins with period photos or American colonial memorabilia.
Storage & Preservation
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Store in acid-free flips or coin capsules.
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Keep away from humidity to prevent tarnish.
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Avoid polishing—original toning adds value.
Conclusion
Large-type U.S.–Philippines silver coins are not just monetary artifacts—they are physical links to a pivotal time in Philippine history. Whether you’re collecting for investment or historical interest, these coins offer a rewarding challenge, especially the 1906 issues.
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