The Philippine peso sign was introduced by Executive Order No. 66 of the United States colonial government on August 3, 1903.[1] The sign, in capitalized Roman letter P with two parallel lines "passing through and extending slightly beyond loop at right angle to shaft or stem", was decreed to be used "by all officials as the designation of the new Philippine peso to differentiate it from the $ mark for United States currency and the pesos of Spain..." This sign was chosen by Charles Edward Magoon, acting chief of the Bureau of Insular Affairs, and was approved by Governor William H. Taft.[2]