The Philippines were transferred from Spain to the United States in the Treaty of Paris (1898), which closed the Spanish-American War. The Philippines would remain a U.S. Territory until 1935.
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. In 1936 to celebrate the change to a Commonwealth State, three special one year commemoratives (1 50 Centavo & 2 Peso designs) were issued to mark the occasion. A fine example of the three is the Roosevelt - Quezon Peso coin.
Designed by Ambrosia Morales, the obverse features the bust designs of Franklin D. Roosevelt (32nd U.S. President 1933–45) and Manuel Quezon (President of the Commonwealth of the Philippines 1935-1944). On the outer periphery of the coin is the phrase "COMMONWEALTH OF THE PHILIPPINES" and the denomination “ONE PESO”. Directly above the bust design is the date “NOV. 15 1935” which was the day the Philippines became a commonwealth state.
The reverse design features an eagle perched atop a shield with a banner below it which is inscribed “COMMONWEALTH OF THE PHILIPPINES.” On the outer periphery are the words “UNITED STATES OF AMERICA” and the year of issue.
General Market Notes
Only 10,000 coins were minted but not all issues survived World War II further decreasing the availability of these coins.