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

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