1906-S Philippines Peso, MS61
The Key Philippines Rarity
1906-S Peso Philippines Peso, KM-168, Allen 16.08, MS61 PCGS. Mintage: 201,000. Due to rising silver prices, the standards for the Philippines silver coins were reduced beginning in 1907, with earlier coins remaining in the treasury returned to the U.S. for recoinage.
In Coins, Medals and Tokens of the Philippines 1728-1974, Aldo P. Basso quotes a brief statement that appeared in the Manila Times of December 15, 1906:
"Silver pesos amounting to two million are being shipped to the United States today for recoinage. The Manila Times reports that this is the first consignment to be sent abroad. The money, packed securely in wooden boxes, was taken from the Insular Treasury to the Transport Logan under heavy guard. After the silver pesos are recoined, they will be brought back to the Islands on the next trip of the Logan."
That statement helps to explain the rarity of this issue. The large shipment of silver pesos likely included a substantial part of the 1906-S mintage, being the most recent issue at the time those pieces were returned for recoinage. Certainly only a small percentage of the 201,000-coin mintage (small to start with) actually survived, explaining the rarity today.
Both sides of this pleasing piece exhibit frosty silver luster with peripheral splashes of rose, gold, and blue toning. The strike is a trifle weak at the high points of the obverse and the reverse. Population: 3 in 61, 5 finer (6/19). Listed on page 435 of the 2020 Guide Book and on page 1330 of the fifth deluxe edition of the Guide Book.
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