2 Pesos - Isabella II

Spain authorized a dedicated Philippine coinage in gold during the 1860s partly to address the chronic shortage of small-denomination specie in the islands, where Spanish colonial trade had long relied on a patchwork of foreign coins and locally-produced copper. The 2 Pesos denomination sat at an awkward commercial value — too small for major merchant transactions, too large for daily retail — and circulated primarily in the Manila trading houses rather than reaching provincial markets.

Isabella II was deposed in the Revolution of 1868, abruptly ending the series.