Paper Money In The Philippines
CHAPTER II: REVIEW OF RELATED LITERATURE
Money is a medium of economic exchange between individuals. It is constantly being traded from one person to another in the transaction of products and services. Money that is used within a particular country is called currency (Oxford Dictionaries). It may be in the form of paper or coin.
The official currency used in the Philippines is the Philippine peso. The current circulating banknotes called the New Generation Currency Series, consisting of 20, 50, 100, 200, 500, and 1000 peso bills, are made mainly of 80% cotton and 20% abaca fiber (Bangko Sentral ng Pilipinas). In creating paper currency, special blends of cotton, linen, and fiber are used in order to produce a durable banknote that does not tear or pull apart as easily as ordinary paper (Alemu, 2014).
The use of paper as money began to start in China during the Tang Dynasty in the 7th century. Instead of heavy copper coins, merchants issued receipts of deposit or promissory notes in commercial transactions (Bernholz, 2003). The first known banknote was then created using the technology of woodblock printing during the Song Dynasty in the 11th century (Headrick, 2009). In the Philippines, the first paper money called the peso fuertes was issued by El Banco Español Filipino de Isabel II in the 19th century (Bangko Sentral ng Pilipinas).
Since its development, paper money, more commonly known as banknotes or bills, has been consistently used and exchanged between
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