Showing posts with label 1906-S One Peso. Show all posts
Showing posts with label 1906-S One Peso. Show all posts

Finest 1906-S One Peso offered at Stack's

The 1906 San Francisco mint 1 Peso enjoys the status as "King of Philippine coins" not because of its mintage, but because of the history behind it. There were more than 200 thousand of this coin produced dated 1906 aside from the proof coin minted by the Philadelphia mint. But because of the scarcity of silver and its importance to the economy of mainland United States, its former colony, the Philippines undergone several transition including the reduction of size of the United States colonial coins as well as its alloy. From the standard of 1 ounce, the Philippines adopted 3/4 of an ounce for the equivalent of peso in silver unit.

1 Peso, 1906-S. MS-62 (PCGS). This is the finest known example of the 1906-S Peso, accompanied by a partial Type Set of First Issue Philippine Coins. Students of the U.S. Philippine coinage estimate that perhaps only 200 1906-S Pesos survive today in all grades. Most have seen substantial circulation and have been cleaned. Even Extremely Fine specimens without a trace of original surface are routinely sold for a couple of thousand dollars and the few About Uncirculated pieces known are all five-figure coins. The few Uncirculated pieces known are the stuff of legend to the ever-increasing number of enthusiastic aficionados collectors of this historic series. The present 1906-S Peso boasts fully original, unaltered surfaces, lustrous flash beneath the handsome russet and blue toning shared by the other Silver coins in this historic group.

Stack's is proud to have been selected to introduce this example of the greatest rarity of the U.S. Philippine series to the collecting public! This is the first appearance of this finest known 1906-S Peso, MS-62 (PCGS). The population reports underline its rarity: PCGS has certified two in MS-61, two in MS-62; NGC has certified one in MS-60, one in MS-61.

Joining the Peso are the other three coins comprising this historic grouping, who have journeyed together for more than a century: * 1904-S 50 Centavos, MS-62 (PCGS) * 1903 20 Centavos, MS-63 (PCGS) * 1903 Bronze Half Centavo, MS-64 RB (PCGS). Here is a truly historic offering whose like may never be seen again. The possessor of this group will have custody of a unique window into the beginnings of American coinage for this unique Far Eastern possession. (Total: 4 pieces) (80,000-100,000)

During World War 2, most of the remaining 1906-S 1 Peso being held by the Philippine treasury were dumped in the waters of Manila bay as a drastic measure to avoid confiscation by the invading Japanese Imperial Army. Thus, only a few specimen survived in excellent condition including the one from the Golden Horn Collection.

This group of four exceptional coins was formerly the property of a Major in the American forces that "pacified" the islands in the early 1900's. He stored the coins in his Army footlocker, and there they were to remain for more than a century. The first, large-size coins were struck from 1903 to 1906 when skyrocketing silver prices had caused the Silver value of the Peso and minor coins to exceed their face value. The change-over to reduced sizes and weights took place during 1906, after the San Francisco Mint had already struck 201,000 Peso pieces. The Mint halted distribution after a very few coins were released. The balance of the issue was returned for melting and recoinage into the new small-size Pesos of 1907.

According to elder numismatists from the Philippine Numismatic And Antiquarian Society, Felipe Liao, a former officer of the club himself was the only known local collector who had acquired more or less than 40 pieces of the 1906-S 1 Peso, discovered only after his collection broke down after his death. Several of his prize possessions were donated by his heirs after his death to De La Salle University museum. -"quotes from coinarchives"


1906-S with several chopmarks, with an unknown and koban counterstamp

The 1906-S 1 peso has been the most prominent status symbol of Philippine numismatics. Though the actual mintage of this coin is just slightly lower to the dated 1912 San Francisco Mint 1 peso. Still, the desire of owning a 1906-S 1 peso is a must for every Philippine coin collector.

During the 2nd World War, when the outnumbered United States & Philippine forces were retreating to the mountains of Bataan. Several boats carrying sacks of silver coins left the port of Manila and headed to the coast of Bataan to dump their cargoes on the waters of Manila Bay.

The Rape of Nanking and the thirst of the Japanese Imperial Force for gold and other precious metals were anticipated by then Philippine Treasury. Thus, coins especially the silver pesos were gathered and were planned for relocation at secured places. But due to lack of time and unanticipated arrival of the Japanese Imperial Forces on the shorelines of the Philippines, the plan never materialized and a desperate action was carried on by the Commonwealth Arm Forces to dump those silver coins on their escape to the mountains of Bataan.

Among the precious cargoes was almost all of the entire mintage of the 1906-S One peso, the 1936 One peso and 50 centavos, and the Wilson Silver and Bronze medals. Thus, the 1906-S became one of the most controversial and sought after Philippine coins.

A 1906-S with chopmark is already rare but a specimen with a counterstamp is truly unique. This mysterious specimen just appeared once on Ebay in the year of 2007. Twice auctioned but due to doubts and hesitations from collectors and scholars it only fetched a poor P22, 500 when the exchange rate between the peso and the dollar was at high of 50 pesos to a dollar.

No other 1906-S of such kind had been recorded nor have appeared on the market ever since. Although the price realized was not that appealing, yet such specimen remains unique and phenomenal up to this date.