‘Pera’: money or a bitch?

Pieces of eight are Spanish silver coins often associated with pirates in film, legend and literature. Worth “eight royals” (ocho reales), these beautiful coins were recognized by the Pillars of Hercules and two globes showing the Spanish Empire before it crumbled in the late 19th century, thus in the Philippines, these coins are known as “dos mundos” (two worlds). “Utraque unum” (both are one) is the Latin text stamped on these coins whose reverse carries the coat of arms of the Kingdoms of Castilla and Leon and the name of the Spanish king in whose name and authority they were issued.

First minted in the 15th century to match German silver coins, they became, by the 18th century, the first truly global currency, recognized and accepted anywhere in the world. Also known as the “Spanish dollar” on which the US dollar was based, these coins were legal tender in the United States until 1857. It is said that the present name for the Malaysian currency—the ringgit—resulted from the term used for the serrated edge of these Spanish coins. Furthermore the Malay word for silver “perak” is probably why Filipinos call their money “pera.”

I won’t bore you with obscure numismatic history today, but you can see from the opening paragraphs how much history can be read from or associated with one coin. This is why I visit the Bangko Sentral ng Pilipinas Money Museum on Roxas Boulevard every year; on every visit I learn something new or find new insight in something old. Don’t be intimidated by the fortress-like BSP complex. Just turn up at the gate, leave your ID, and the unusually courteous guards will direct you to this small museum that remains one of Manila’s hidden treasures. It’s one of the rare things in life that come for free.

More dazzling than the silver coins, of course, are gold coins or “onzas” that carry the profiles of Spanish Kings Carlos III and Ferdinand VII. These were minted in Spanish colonies in South America and traveled all the way to the Philippines. Both the silver dos mundos and the gold onzas remind us of a time when the Catholic kings boasted of an overseas empire where the sun, literally, did not set.

A royal decree in 1861 established the Casa de Moneda in Manila that melted down South American gold onzas circulating in the Philippines and converted these into our first gold coins. There were three coins of .875 gold in varying sizes depending on the denomination: the smallest at P1 weighed 1.6915 grams, P2 at 3.3830 grams, and the biggest at P4 weighing 6.7661 grams. All coins carried the profile of the pudgy Spanish Queen Isabel II on one side and the Spanish coat of arms on the reverse. These gold coins are referred to as “Isabelinas.” What makes these coins special is the fact that the name “Filipinas” is proudly engraved on the reverse of the coins below the Spanish coat of arms. It was the first time the name of the archipelago, the name of our country, appeared in coinage.

A wonderful bronze statue of Isabel II stands outside the walls of Intramuros, in front of the gate known as Puerta Isabel II. “Puerta” (gate/door) is a vulgar word for female anatomy in Pinoy porn that reminds me of an anecdote from the late Alejandro Roces who said that “pera” originated from the coins that carried the profile of Isabel II whose legitimacy was challenged by her uncle Carlos, resulting in the so-called “Carlist Wars.” Roces maintained that Isabel’s detractors referred to her as “La Perra” (The Bitch), hence the coins that bore her image became known as “perra,” a name that caught on to become our “pera.”

Banco Español Filipino de Isabel II was established in 1851 and issued the first paper money that were known as “pesos fuertes” (strong pesos) and carried the name and image of the Queen, until she was deposed in 1869 and the bank became Banco Español Filipino. Spain must have been in such turmoil that the bank did not replace the name of Isabel II with that of her successor Alfonso XII. I guess it would be too complicated for the bank to keep changing its name to match that of the reigning monarch.

When the bank changed its name in 1912 into Banco de las Islas Filipinas (Bank of the Philippine Islands), it evolved into today’s “BPI”, the oldest bank in Southeast Asia. Poor Alfonso XII, his image on the gold coins known as “Alfonsinos” was not acceptable to the public which preferred “Isabelinas.” Thus the Casa Moneda kept issuing these with an ante-dated year, 1868. This explains why Isabelinas are easier to find than Alfonsinos.

A decade ago, Isabelinas could be had at a reasonable price because the value of gold was rock bottom. A P4 Isabelina could be had then for as low as P2,800. If you could find one today, it sells for P15,000 to P20,000, depending on its physical condition or the rarity of its date.

From the 19th century it took a while before gold coins were minted for the Philippines again. In 1970 a commemorative gold coin was struck to mark the Manila visit of Pope Paul VI.

How come we don’t have more gold coins when, once upon a time, the Philippines was one of the top 10 producers of gold worldwide? Our ancestors a thousand years ago wore fabulous gold jewelry and gold coins circulated in the Philippines in the 19th century. If we once had a Golden Age, why are we so poor today?

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