After the declaration of martial law by President Ferdinand Marcos on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree No.

On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce banknotes inside the country.

Struck in brass, the obverse side of the coin features the state title, the denomination and a portrait of Melchora Aquino.

Struck in copper-nickel, the obverse side of the coin features the state title, the denomination and a portrait of Francisco Baltazar.

Struck in copper-nickel, the obverse side of the coin features the state title, the denomination and a portrait of Juan Luna.

Struck in copper-nickel, the obverse side of the coin features the state title, the denomination and a portrait of José Rizal.

Struck in nickel, the obverse side of the coin features the inscription "Ang Bagong Lipunan" (The New Society), a profile of Ferdinand E. Marcos and date of declaration of Martial Law, "SETYEMBRE 21, 1972".