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The development of the Peso and it’s devaluation.


With the first 1-piso coin denomination appeared in 1972, PH’s peso back then has a relatively healthy exchange rate with US dollar, where PH ₱6.780 for US $1. Owning a single coin in those days’ means you’re affluent enough to have a hefty meal with still lots of extra change to spare. Others may recall that Banana Cue way back then was 5 centavos (₱ 0.05); as today banana cue is ₱9. The next release was introduced three years after Marco’s declaration of Martial Law. It held a very decent value of ₱7.510 to a dollar and it played along from ₱7 to ₱9 per dollar. The third coin was introduced after Martial Law, which now has a diminished value which started off from ₱14 per dollar and hovered between ₱20 – ₱28 per dollar from the late 80’s to the early 90’s. The series which came in next was a smaller version of the previous, named “Improved Flora & Fauna Series”. Ironically termed improved yet its metallic content were decreased. I remember my Grandpa used to complain about the sizes of these coins, while meticulously looking at it close to his eyes. The rate today is around ₱40 per dollar. Sadly, ₱1 today can only buy you a single candy.

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