The Spanish administration opened the Manila mint in 1857 in order to supply coins for the Philippines, by minting silver coins.
Asserting its independence after the Philippine Declaration of Independence on June 12, 1898, the Philippine Republic under General Emilio Aguinaldo issued its own coins and paper currency backed by the country's natural resources. The coins were the first to use the name centavo for the subdivision of the peso. 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 American government minted currency under the Philippine Coinage Act in its mints in the United States, established the unit of currency to be a theoretical gold peso, which was never minted.
The re-opened Manila Mint in 1920, produced coins until the Commonwealth Era 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"
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 worth of 15 million silver pesos into the sea off Caballo Bay rather than surrender it to 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.
During 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.
In 1967, the Pilipino-language coin series was introduced with the peso and centavo renamed into piso and sentimo.
In 1975, the Ang Bagong Lipunan Series was introduced.
In 1983, the Flora and Fauna Series was introduced.
In 1995, the New Design coin series was introduced with the aim of replacing and demonetizing all previously issued coin series on January 3, 1998.
The current series, the New Generation Currency Series was introduced in 2017