The Philippines were transferred from Spain to the United States in the Treaty of Paris (1898), which closed the Spanish-American War.
The Tydings-McDuffie Independence Act of 1934 granted the Philippines Commonwealth status. The Act provided for complete independence of the islands in 1945 after 10 years of self-government under U.S. supervision.
The obverse was designed by Melecio Figueroa and features a young Filipina in a flowing dress standing while striking an anvil with a hammer held in her right hand, her left arm is half raised and she holds an olive branch in her hand. In the background is the Mayon volcano with a billowing smoke coming from the crater. On the upper periphery of the coin is the denomination “ONE PESO” and on the lower periphery is the word “FILIPINAS”.
The reverse design features an eagle perched atop a shield. On the outer periphery are the words “UNITED STATES OF AMERICA” and the year of issue. To the left of the year may be a mint mark “S” for San Francisco. Coin with no mint marks were minted at the Philadelphia Mint.
Variety 1: 1903-1906 – Silver Weight 0.780 ounces (26.956 grams @ 90% Au)
Variety 2: 1907-1912 – Silver Weight 0.514 ounces (20.000 grams @ 75% Au )
General Market Notes
The keys to the series are the 1906S and unobtainable 1907 proof issue (only 2 are known to exist). Counterfeits of the 1906S are quite common so if you have the opportunity (and budget) be sure to purchase a certified coin from a reputable dealer. The semi-key coins are the 1911S & 1912S issues.
For an undervalued coin look for 1904 issues, with a mintage of only 11,000 it represents a bargain when comparing value to mintage avilability.