So what`s up with this "peso" version?!
Why pesos and where from these pesos came from?!
From April 20 to April 30, 1942 right before surrendering MacArthur forces had dumped millions of peso into the deep crater south of Corregidor. It is belived that about 17 000 000 pesos were dumped into Manila Bay. The majority of the Philippines Silver Pesos dumped into Manila Bay (actually at Caballo Bay facing the South Dock) in 1942 were minted during the years 1907 to 1912 and 1936. The Philippine Peso was first minted in 1903 and until 1906 was a large 26.9568g coin. From 1907 to 1912, the Silver Peso was minted as a smaller 20.0000g coin. The coins from 1903 to 1912 were designed by a Filipino resident from California, Melecio Figueroa.
The 1903 to 1912 coins featured the seal of the US Administration on one side. On the other side was a young lady holding a hammer on an anvil. The Mount Mayon Volcano is in the background. The young lady is often described as a Walking Liberty. However, a close look at her facial features reveals a Filipina. It has been report that Melecio Figueroa's daughter modelled for the design.
So the Japanese did recover a number of them and converted them into "Homma Medals".
Salvage operations began as early as May 1942 by Filipino divers under the control of the Japanese Navy recovering 108,000 pesos. In "The Great Manila Bay Silver Operation", Bosun’s Mate First Class Morris “Moe” Solomon told the story of how captive U.S. navy divers disrupted Japanese recovery.