The gold " peso " is the unit of value of the Philippine Islands, and contains 12 9-10 grains of gold, 9-10 fine. Silver " pesos," of the weight of 416 grains and of the standard, by weight, of 900 parts pure metal and 100 parts copper alloy,2 have been coined for current use, exchangeable on the basis of the " gold exchange standard " - to which subject refer at the rate of two silver "pesos" for one United States gold dollar. They are legal tender for all debts, public and private, unless otherwise specifically provided in the contract (except such as were contracted prior to December 31, 1903) in the Philippine Islands. Subsidiary silver coins are legal tender there to the amount of $10. (See " Centavos.")
1 "A signature by procuration operates as notice that the agent has but a limited authority to sign and the principal is bound only in case the agent in so signing acted within the actual limits of his authority." - Revised Laws of Massachusetts, Chapter 73, Section 38.
² In December, 1906, owing to the rise in the market price of silver, the silver peso was changed so as to contain 800 parts of pure metal and 200 parts of copper alloy, and of the weight of 308.64 grains. This was necessitated from the fact that the pure metal under the previous standard was worth more in the market than the face value of the coin, making it an object, therefore, to melt up the coins and sell the silver as bullion.
"Peso" is also the monetary unit of the Argentine Republic, being equivalent to $.965 United States money. Also Guatemala, Honduras, Nicaragua, and Salvador, being in each case equivalent to $.478 United States money.1 Of Chile, being equal to $.365, and of Uruguay, being equal to $1,034 United States money.
The Mexican dollar is also called a " peso."