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At various times the scarcity of copper coins has given rise to extensive forgeries of them, and caused a considerable depreciation in their actual value, the false coinage being all of spurious metal. The gold which is found at Pictas, in Misamis, and at Mambalao, Paracala, and Surigao, is consumed in the country in ornaments, &c., and some of it is sent also to China.
Robert MacMicking - Recollections of Manilla and the Philippines
During 1848, 1849 and 1850
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