From silver currency to the gold standard in the Philippine Islands

In 1903, the United States government introduced a gold standard monetary system in the Philippines, with a theoretical gold peso and a token silver peso in circulation. This currency reform was part of a wider American diplomatic offensive to expand the sphere of gold-based currencies in the world, in which American capital could be safely invested. The Philippine currency reform ended a period of monetary confusion in the islands during the late-nineteenth century. The circulation of silver commodity money had tied the Philippines to China, with cross-border flows of products and silver dollars. Under the gold standard, fund trade linkages were shifted to the United States