The United States acquired the Philippine Islands in 1899, and in 1903 introduced a new coinage that was exchangeable with U.S. money at the rate of two Philippine pesos to one U.S. dollar, while still being compatible with the Spanish issues they replaced. Philippine coins of 1903 to 1919 were struck at the Philadelphia and San Francisco Mints, until the formation of the Manila Mint in 1920.

The dollar-sized peso was the workhorse of the series. The Proof pieces are especially attractive, such as the profiled 1903 Philippines peso graded Proof 66 by Professional Coin Grading Service. In total, 2,558 Proof pesos were struck at the Philadelphia Mint in 1903, with quality standards comparable to contemporary Proof Morgan dollars.

Heritage offered the subject coin at this past summer’s American Numismatic Association World’s Fair of Money auction as part of The Mahal Collection, observing, “Aside from weak breast feathers on the reverse, this Premium Gem proof features a bold strike,” adding, “the centers are brilliant, residing within a frame of lovely peripheral blue and gold toning.” The lovely Proof peso sold for $3,840.

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