Our monetary system developed to meet the changing needs of the economy. Money serves as a medium of exchange, unit of account, and store of value. The history of money in the Philippines includes various forms used before coins such as piloncitos and barter rings. Under Spanish rule, different coin types were introduced including cobs, dollars, and copper coins. Paper money was first issued in 1852 and the Manila Mint produced coins until the Commonwealth period. The Central Bank of the Philippines was established in 1949 and has since issued various series of banknotes and coins.
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