Misplaced Pages

#804195

61-615: The Overseas Filipino Bank ( OFBank ) is the state-owned digital-only, branchless bank in the Philippines . Formerly known as the Philippine Postal Savings Bank (PPSB) or PostBank , it is the smallest of the Philippines' three state-owned banks (the others being Land Bank of the Philippines and Development Bank of the Philippines ), and is the 16th largest thrift banks in terms of assets. Its services are catered to

122-891: A billion pesos each: Development Bank of the Philippines (DBP) with P3.616 billion; Power Sector Assets and Liabilities Management Corporation (PSALM) with P2.5 billion; Bases Conversion Development Authority (BCDA) with P2.107 billion; Manila International Airport Authority (MIAA) with P1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P1.5 billion; Philippine Ports Authority (PPA) with P1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P1.05 billion. List adapted from Integrated Corporate Reporting System's list. Philippine peso The Philippine peso , also referred to by its Filipino name piso ( Philippine English : / ˈ p ɛ s ɔː / PEH -saw , / ˈ p iː -/ PEE - , plural pesos ; Filipino : piso [ˈpiso, pɪˈso] ; sign : ₱; code : PHP),

183-820: A fixed rate of 2:1. These were supplemented by banknotes of the Bank of the Philippine Islands in 1908, banknotes of the Philippine National Bank in 1916, and Treasury Certificates of the Philippine Treasury in 1918 backed by United States Government bonds. Only the latter remained legal tender after Philippine independence in 1946. The dimensions of all banknotes issued under the US-Philippine administration , 16 x 6.6 cm, has been used ever since on all Philippine banknotes (except pre-1958 centavo notes), and

244-413: A limited supply of dollars at ₱2 per dollar to purchase priority imports was exploited by parties with political connections. Higher black market exchange rates drove remittances and foreign investments away from official channels. By 1962 the task of maintaining the old ₱2 per dollar parity while defending available reserves has become untenable under the new Diosdado Macapagal administration, opening up

305-465: A new decontrol era from 1962 to 1970 where foreign exchange restrictions were dismantled and a new free-market exchange rate of ₱3.90 per dollar was adopted since 1965. This move helped balance foreign exchange supply versus demand and greatly boosted foreign investment inflows and international reserves. However, a weak manufacturing base that can't capture market share in (mostly imported) consumer goods meant that devaluation only fueled inflation, and by

366-626: A nuisance. Proposals to retire and demonetize all coins less than one peso in value have been rejected by the government and the BSP. In 1852, the Philippines first issued banknotes under El Banco Español Filipino de Isabel II (the present Bank of the Philippine Islands ) in denominations of 10, 25, 50 and 200 pesos fuertes (strong pesos). By 1903, the American colonial Insular Government issued Silver Certificates in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos, backed by silver coin or U.S. gold at

427-581: A peso). The absence of officially minted cuartos in the 19th century was alleviated in part by counterfeit two-cuarto coins made by Igorot copper miners in the Cordilleras . A currency system derived from coins imported from Spain, China and neighboring countries was fraught with various difficulties. Money came in different coinages, and fractional currency in addition to the real and the cuarto also existed. Money has nearly always been scarce in Manila, and when it

488-501: A proper gold standard . The Philippine peso and the Spanish duro (Spain's "peso" or five-peseta coin ) thus went on a fiduciary coin (or fiat coin) standard; while worth more than the Mexican peso due to its scarcity in circulation, both coins traded at a fluctuating discount versus the gold peso. While pre-1877 Mexican pesos were reminted into Philippine 10-, 20- and 50-céntimo coins until

549-526: A pure nickel 5-piso coin which rarely circulated. In 1983, the Flora and Fauna Series was introduced. It consisted of aluminum 1, 5 and 10-sentimo, brass 25-sentimo, and cupro-nickel 50-sentimo, 1-piso and a new 2-piso coin . From 1991 to 1994 the sizes of coins from 25-sentimo to 2-piso were reduced under the Improved Flora and Fauna Series , and a new nickel-brass 5-piso coin was introduced. In 1995,

610-524: Is a much busier pattern, and widely considered less attractive. In 1942, at the height of the resistance against the Japanese invasion in Corregidor island, US-Philippine forces managed to ship off to Australia most of the gold and significant assets held in reserve by Manila's banks, but they had to discard an estimated ₱ 15 million worth of silver pesos into the sea off Caballo Bay rather than surrender it to

671-533: Is the establishment of the Casa de Moneda de Manila in the Philippines in 1857, the mintage starting 1861 of gold 1, 2 and 4 peso coins according to Spanish standards (the 4-peso coin being 6.766 grams of 0.875 gold), and the mintage starting 1864 of fractional 50-, 20- and 10-céntimo silver coins also according to Spanish standards (with 100 céntimos containing 25.96 grams of 0.900 silver; later lowered to 0.835 silver in 1881). In 1897 Spain introduced 1-peso silver coins with

SECTION 10

#1733085955805

732-431: Is the most widespread preferred term over sentimo in other Philippine languages, including Abaknon , Bikol , Cebuano , Cuyonon , Ilocano , and Waray , In Chavacano , centavos are referred to as céns (also spelled séns ). Tagalog language words for the different centavo-denominated coins were more common in the 20th century before the decrease in their use afterwards. The Spanish administration opened

793-539: Is the official currency of the Philippines . It is subdivided into 100 sentimo , also called centavos . The peso has the symbol "₱", introduced during American rule in place of the original peso sign "$ " used throughout Spanish America . Alternative symbols used are "PHP", "PhP", "Php", or just "P". The monetary policy of the Philippines is conducted by the Bangko Sentral ng Pilipinas (BSP), established on January 3, 1949, as its central bank. It produces

854-566: Is thought to be from Malay perak (silver), which also has a direct cognate or adaptation in Tagalog/Filipino as pilak . Alternately, it could be from 10 and 5 céntimo coins of the Spanish peseta , known as the perra gorda and perra chica . The Spanish dollar or silver peso worth eight reales was first introduced by the Magellan expedition of 1521 and brought in large quantities after

915-537: The New Design coin series was introduced with the aim of replacing and demonetizing all previously issued coin series on January 3, 1998. It initially consisted of copper-plated steel 1, 5 and 10-sentimo, brass 25-sentimo, copper-nickel 1-piso and nickel-brass 5-piso. In 2000, the bimetallic 10-piso coin was added to the series. In 2003, the composition of the 25-sentimo and 1-piso was changed to brass-plated steel and nickel-plated steel, respectively. The current series,

976-557: The New Generation Currency Series was introduced in 2017, consisting of nickel-plated steel 1, 5 ,25 sentimo and 1, 5 and 10-piso. In December 2019 the bimetallic plated-steel 20-piso coin was introduced, together with a modified nine-sided 5-piso coin issued in response to numerous complaints that the round steel 5-piso coin looked too much like the 1-piso and 10-piso. Denominations worth P0.25 (~$ 0.005) and below are still issued but have been increasingly regarded as

1037-756: The Casa de Moneda de Manila (or Manila mint) in 1857 in order to supply coins for the Philippines, minting silver coins of 10 céntimos , 20 céntimos , and 50 céntimos ; and gold coins of 1 peso , 2 pesos and 4 pesos. The American government minted currency under the Philippine Coinage Act of 1903 in its mints in the United States , in base-metal denominations of half centavo , one centavo and five centavos ; and in silver denominations of 10 centavos , 20 centavos , 50 centavos and 1 peso . They eventually deemed it more economical and convenient to mint coins in

1098-777: The Philippine Postal Corporation and the Bureau of the Treasury their PostBank shares to Land Bank at zero value. The edict also states that PostBank will be converted to the "Overseas Filipino Bank". The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank , approved Land Bank's acquisition of PostBank in December 2017 while the Philippine Competition Commission authorized Land Bank to acquire PostBank on January 11, 2018. The bank

1159-637: The Philippine Postal Corporation . In 2013, the bank rebranded its operations as "Postbank". Despite the legal affiliation, the PPSB is governed separately from PhilPost . On November 16, 2016, Land Bank of the Philippines announced plans to acquire Postbank and reorganize the thrift bank to be a lending bank for the Overseas Filipino Workers (OFWs) and their families. President Rodrigo Duterte issued Executive Order No. 44 in September 2017 which mandates

1220-715: The Piloncitos , small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient peoples of the Philippines, and gold barter rings. The original silver currency unit was the rupya or rupiah, brought over by trade with India and Indonesia. Two native Tagalog words for money which survive today in Filipino were salapi and possibly pera . Salapi is thought to be from isa (one) + rupya which would become lapia when adapted to Tagalog. Alternately, it could be from Arabic asrafi (a gold coin, see Persian ashrafi ) or sarf (money, money exchange). Pera

1281-684: The Second World War , no coins were minted from 1942 to 1943 due to the Japanese Occupation . Minting resumed in 1944–45 for the last time under the Commonwealth. Coins only resumed in 1958 after an issuance of centavo-denominated fractional banknotes from 1949 to 1957. In 1958, the new English coinage series entirely of base metal was introduced, consisting of bronze 1 centavo , brass 5 centavos and nickel-brass 10 centavos , 25 centavos and 50 centavos . The 20-centavo denomination

SECTION 20

#1733085955805

1342-400: The Spanish dollar coin, most commonly into eight wedges each worth one Spanish real . Locally produced crude copper or bronze coins called cuartos or barrillas (hence the Tagalog/Filipino words cuarta or kwarta , "money" and barya "coin" or "loose change") were also struck in the Philippines by order of the Spanish government, with 20 cuartos being equal to one real (hence, 160 cuartos to

1403-469: The 1565 conquest of the Philippines by Miguel López de Legazpi . The local salapi continued under Spanish rule as a toston or half-peso coin. Additionally, Spanish gold onzas or eight- escudo coins were also introduced with identical weight to the Spanish dollar but valued at 16 silver pesos. The earliest silver coins brought in by the Manila galleons from Mexico and other Spanish American colonies were in

1464-536: The 1890s, these coins were continuously smuggled in connivance with Customs officials due to their higher fiat value in the Philippines. After 1898 the United States colonial administration repealed this "fictitious gold standard" in favor of the unlimited importation of Mexican pesos , and the Philippine peso became a silver standard currency with its value dropping to half a gold peso. Concurrent with these events

1525-599: The 19th century. In the 1850s the low price of gold in the international markets triggered the outflow of silver coins. In 1875 the adoption of the gold standard in Europe triggered a rise in the international price of gold and the replacement of gold coins with silver Mexican pesos. As the price of silver fell further, Mexican peso imports were forbidden from 1877, and only Mexican pesos dated 1877 or earlier were legally equivalent to Philippine-minted pesos and peso fuerte banknotes. However, Spain and its colonies failed to establish

1586-570: The BSP's Monetary Board. OFBank became the first authorized digital-only bank in the Philippines . Other LANDBANK Seconded Personnel: Government-owned and controlled corporation Under the GOCC Governance Act (Republic Act No. 10149), GOCCs are overseen by the Governance Commission for Government-Owned or Controlled Corporations (GCG). The Governance Commission is the "government's central advisory and oversight body over

1647-488: The BSP's reestablishment in 1993 involved a managed float system with no more fixed parity commitments versus the dollar. The CBP only committed to maintain orderly foreign exchange market conditions and to reduce short-term volatility . Difficulties continued throughout the 1970s and 1980s in managing inflation and keeping exchange rates stable, and was complicated further by the CBP lacking independence in government especially when

1708-410: The CBP, taking away the rights of the banks such as Bank of the Philippine Islands and the Philippine National Bank to issue currency. The Philippines faced various post-war problems due to the slow recovery of agricultural production, trade deficits due to the need to import needed goods, and high inflation due to the lack of goods. The CBP embarked on a fixed exchange system during the 1950s where

1769-450: The Japanese. After the war these assets would be returned to Philippine banks, and most of the discarded pesos would be recovered but in badly corroded condition. The Japanese occupiers of the Philippines then introduced fiat notes for use in the country. Emergency circulating notes (also termed "guerrilla pesos") were also issued by banks and local governments, using crude inks and materials, which were redeemable in silver pesos after

1830-471: The Philippine peso on a fully floating exchange rate system. The market decides on the level in which the peso trades versus foreign currencies based on the BSP's ability to maintain a stable inflation rate on goods and services as well as sufficient international reserves to fund exports. Black market exchange rates as seen in the past are now nonexistent since official markets now reflect underlying supply and demand. The Philippine peso has since traded versus

1891-473: The Philippines (DBP) (P3.16-billion) and Land Bank of the Philippines (LBP) (P6.24-billion). Under Republic Act No. 7656, all GOCCs are required to "declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government." The Commission on Audit reports that in 2013 of the 219 profitable GOCCs, only 45 remitted a full 50% share of their dividends to

Overseas Filipino Bank - Misplaced Pages Continue

1952-466: The Philippines became a U.S. Commonwealth in 1935, the coat of arms of the Philippine Commonwealth was adopted and replaced the arms of the U.S. Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It

2013-580: The Philippines, hence the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth Era excluding 1 ⁄ 2 centavo and regular-issue 1-peso coins (commemorative 1-peso coins were minted in 1936). In 1937 the eagle-and-shield reverse design was changed into the coat-of-arms of the Commonwealth of the Philippines while retaining the legend "United States of America". During

2074-759: The U.S. dollar in a range of ₱24–46 from 1993 to 1999, ₱40–56 from 2000 to 2009, and ₱40–54 from 2010 to 2019. The previous 1903–1934 definition of a peso as 12.9 grains of 0.9 gold (or 0.0241875 XAU) is now worth ₱2,266.03 based on gold prices as of November 2021. The smallest currency unit is called centavo in English (from Spanish centavo ). Following the adoption of the "Pilipino series" in 1967, it became officially known as sentimo in Filipino (from Spanish céntimo ). However, "centavo" and its local spellings, síntabo and sentabo , are still used as synonyms in Tagalog . It

2135-809: The budget. In 2014, 77.04 billion pesos was spent on GOCCs by the national government, 3% of which was classified as subsidies and 97% was classified as program funds. In 2013, on "GOCC Dividend Day", the Philippine government received 28-billion Philippine pesos in dividends and other forms of remittances from the 2012 operations of 38 GOCCs. Eight GOCCs remitted 1 billion pesos each: Philippine Reclamation Authority (PRA)(P1 billion pesos), Philippine Ports Authority (PPA)(1.03-billion), Manila International Airport Authority (MIAA)(P1.54-billion), Philippine Amusement and Gaming Corporation (PAGCOR) (P7.18-billion), Power Sector Assets and Liabilities Management Corporation (PSALM)(P2-billion), Bases Conversion Development Authority (BCDA)(P2.30-billion), Development Bank of

2196-495: The bust of King Alfonso XIII , as well as 5- and 10- céntimo de peseta coins for circulation in the Philippines as 1- and 2- céntimo de peso coins. The Spanish-Filipino peso remained in circulation and were legal tender in the islands until 1904, when the American authorities demonetized them in favor of the new US-Philippine peso. The first paper money circulated in the Philippines was the Philippine peso fuerte issued in 1851 by

2257-442: The central bank of objectives that are inconsistent with keeping inflation stable. The New Central Bank Act (Republic Act No 7653) of June 14, 1993 replaces the old CBP with a new Bangko Sentral ng Pilipinas mandated explicitly to maintain price stability, and enjoying fiscal and administrative autonomy to insulate it from government interference. This, along with the further liberalization of various foreign exchange regulations, puts

2318-543: The coins bearing the face of Isabel II were nicknamed Isabelinas and that the perra coins were only introduced to the Philippines in 1897. Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the República Filipina (Philippine Republic) under General Emilio Aguinaldo issued its own coins and paper currency backed by the country's natural resources. The coins were

2379-471: The country's banknotes and coins at its Security Plant Complex, which is set to move to New Clark City in Capas, Tarlac . The Philippine peso is derived from the Spanish peso or pieces of eight brought over in large quantities from Spanish America by the Manila galleons of the period from the 16th century to the 19th. From the same Spanish peso or dollar is derived the various pesos of Spanish America,

2440-574: The country's first bank, the El Banco Español Filipino de Isabel II . Convertible to either silver pesos or gold onzas, its volume of 1,800,000 pesos was small relative to about 40,000,000 silver pesos in circulation at the end of the 19th century. A fanciful etymology for the term pera holds that it was inspired by the Carlist Wars where Queen Isabel II was supposedly called La Perra (The Bitch) by her detractors, and thus coins bearing

2501-499: The creation of a gold-standard fund to maintain the parity of the coins so authorized to be issued and authorized the insular government to issue temporary certificates of indebtedness bearing interest at a rate not to exceed 4 percent per annum, payable not more than one year from date of issue, to an amount which should not at any one time exceed 10 million dollars or 20 million pesos. The US territorial administration also issued Culion leper colony coinage between 1913 and 1930. When

Overseas Filipino Bank - Misplaced Pages Continue

2562-459: The day-to-day operations of the GOCCs when revenues are insufficient while program funds are given to profitable GOCCs to pay for a specific program or project. Subsidies from the National Government in 2011 amounted to 21 billion Philippine pesos . In the 2013 fiscal year, the national government gave P71.9 billion pesos to GOCCs in subsidies, nearly twice the 44.7 billion pesos that was programmed in

2623-601: The dollars of the US and Hong Kong , as well as the Chinese yuan and the Japanese yen . Pre-colonial trade between tribes of what is now the Philippines and with traders from the neighboring islands was conducted through barter . The inconvenience of barter, however, later led to the use of some objects as a medium of exchange. Gold , which was plentiful in many parts of the islands, invariably found its way into these objects that included

2684-510: The emergency guerrilla notes were considered illegal and were no longer legal tender. Republic Act No. 265 created the Central Bank of the Philippines (now the Bangko Sentral ng Pilipinas) on January 3, 1949, in which was vested the power of administering the banking and credit system of the country. Under the act, all powers in the printing and mintage of Philippine currency was vested in

2745-547: The end of the war. The puppet state under José P. Laurel outlawed possession of guerrilla currency and declared a monopoly on the issuance of money and anyone found to possess guerrilla notes could be arrested or even executed. Because of the fiat nature of the currency, the Philippine economy felt the effects of hyperinflation . Combined U.S. and Philippine Commonwealth military forces including recognized guerrilla units continued printing Philippine pesos, so that, from October 1944 to September 1945, all earlier issues except for

2806-528: The first to use the name centavo instead of céntimo for the subdivision of the peso. The island of Panay also issued revolutionary coinage. After Aguinaldo's capture by American forces in Palanan, Isabela on March 23, 1901, the revolutionary peso ceased to exist. After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act of 1903, established

2867-414: The form of roughly-cut cobs or macuquinas . These coins usually bore a cross on one side and the Spanish royal coat-of-arms on the other. These crudely-made coins were subsequently replaced by machine-minted coins called Columnarios (pillar dollars) or "dos mundos (two worlds)" in 1732 containing 27.07 grams of 0.917 fine silver (revised to 0.903 fine in 1771). Fractional currency was supplied by cutting

2928-438: The image of Isabel II were supposedly called perras , which became pera . A less outlandish Spanish origin, if the term is indeed derived from Spanish, could be the Spanish coins of 10 and 5 céntimos de peseta (valued locally at 2 and 1 céntimos de peso ) which were nicknamed perra gorda and perra chica , where the "bitch" or female dog is a sarcastic reference to the Spanish lion. Arguments against either theory are that

2989-421: The improved website and official Facebook page. As it is a digital-only bank, OFWs and their beneficiaries can just submit all requirements online through OFBank's mobile app. OFBank initially after its launch operated as a "digital-centric" bank using its license to operate as a thrift bank. It transitioned to a fully digital bank after it was given a license to operate as a digital-only bank on March 25, 2021, by

3050-511: The latter incurs fiscal shortfalls. The worst episode occurred when a confidence crisis in the Ferdinand Marcos administration triggered a capital flight among investors between August 1983 to February 1986, nearly doubling the exchange rate from ₱11 to ₱20 per dollar and also doubling the prices of goods. Positive political and economic developments in the 1990s paved the way for further economic liberalization and an opportunity to unburden

3111-403: The national treasury, leaving 174 others with unremitted government shares, amounting to more than P50 billion. Dividends remitted were only one-tenth (1/10) of the total required by law according to the commission. In 2014, on "GOCC Dividend Day", the Philippine government received 32.31 billion Philippine pesos worth of dividends and other remittances from 50 GOCCs. Seven GOCCs submitted over

SECTION 50

#1733085955805

3172-399: The needs of Overseas Filipinos (OFs), Overseas Filipino Worker (OFWs), and their families or beneficiaries. Since 2018, it has been a subsidiary of LandBank. Established as Philippine Postal Savings Bank in 1906, the bank was closed in 1976 as a result of competition with privately owned banks, but was reopened in 1994 pursuant to the provisions of Republic Act No. 7354, the charter of

3233-466: The peso's convertibility was maintained at ₱2 per U.S. dollar by various measures to control and conserve the country's international reserves. This system, combined with other "Filipino First" efforts to curtail importations, helped reshape the country's import patterns and improve the balance of payments. Such restrictions, however, gave rise to a black market where dollars routinely traded for above ₱3 per dollar. The CBP's allocation system which rations

3294-512: The public corporate sector" according to the Official Gazette of the Philippine government. The Governance Commission among other duties prepares for the president of the Philippines a shortlist of candidates for appointment by the president to GOCC boards. Many but not all GOCCs have their own charter or law outlining its responsibilities and governance. GOCCs receive from the government "subsidies" and "program funds". Subsidies cover

3355-529: The time the decontrol era ended in 1970 another devaluation to ₱6.43 per dollar was needed. In 1967, coinage adopted Filipino language terminology instead of English, banknotes following suit in 1969. Consecutively, the currency terminologies as appearing on coinage and banknotes changed from the English centavo and peso to the Filipino sentimo and piso . However, centavo is more commonly used by Filipinos in everyday speech. The CBP's final era from 1970 until

3416-459: The unit of currency to be a theoretical gold peso (not coined) consisting of 12.9 grains of gold 0.900 fine (0.0241875 XAU). This unit was equivalent to exactly half the value of a U.S. dollar. Its peg to gold was maintained until the gold content of the U.S. dollar was reduced in 1934. Its peg of ₱ 2 to the U.S. dollar was maintained until independence in 1946. The act provided for the coinage and issuance of Philippine silver pesos substantially of

3477-464: The weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos (maximum denomination increased to 500 pesos from 1905). It also provided for

3538-401: Was abundant it was shipped to the provinces or exported abroad to pay for exports. An 1857 decree requiring the keeping of accounts in pesos and céntimos (worth 1 ⁄ 100 of a peso) was of little help to the situation given the existence of copper cuartos worth 1 ⁄ 160 of a peso. The Spanish gold onza (or 8- escudo coin) was of identical weight to the Spanish dollar but

3599-570: Was discontinued. In 1967, the Pilipino-language coin series was introduced with the peso and centavo renamed into piso and sentimo . It consisted of aluminum 1-sentimo, brass 5-sentimo, and nickel-brass 10, 25 and 50 sentimo. The 1-piso coin was reintroduced in 1972. In 1975, the Ang Bagong Lipunan Series was introduced. It consisted of aluminum 1-sentimo, brass 5-sentimo, cupro-nickel 10-sentimo, 25-sentimo and 1-piso, and

3660-641: Was inaugurated as the Overseas Filipino Bank at the Postbank Center by President Duterte on January 17, 2018. On June 29, 2020, Land Bank of the Philippines virtually launched the Overseas Filipino Bank (OFBank) which aims to help Filipinos employed abroad to send money back to the Philippines faster. The virtual launch includes the presentation of OFBank’s new offerings such as digital accounts opening platform catering to OFWs, other Overseas Filipinos (OFs), and their families or beneficiaries, as well as

3721-420: Was officially valued at 16 silver pesos, thus putting the peso on a bimetallic standard, worth either the silver Mexican peso (27.07 g 0.903 fine, or 0.786 troy ounce XAG) or 1 ⁄ 16 the gold onza (1.6915 g 0.875 fine, or 0.0476 troy ounce XAU), with a gold–silver ratio of 16. Its divergence with the value of gold in international trade featured prominently in the continued monetary crises of

SECTION 60

#1733085955805
#804195