The formation of the PNAS - the oldest numismatic organization in the land - was largely the brain child of three individuals who shared the same passion for collecting coins and antiquities, namely, Dr. Jose P. Bantug, Gilbert S. Perez and Inocencio Delgado. Aside from the three, among the other prominent character members of the Society were National Treasurer Salvador Lagdameo, Teodoro Kalaw, Jose Panganiban, Luis Montilla, Felipe R. Hidalgo, Dr. Leoncio Lopez-Rizal and Judge Simeon Garcia Roxas.

The main objective of the Society was to promote the science of numismatic and antiquary through the study and collection of coins, paper money, medals and other antiquities. The organization also showed great concern for the reservation of our cultural heritage and the promotions of the Philippine numismatics throughout the world and for many future generations.

At the initial organizational meeting held on March 16, 1929, Dr Bantug was elected first President of the Society; Gilbert S. Perez, Vice-President, and Inocencio Delgado, Secretary Treasurer. At the start, it had only 18 members, most of them Filipinos but they also included a Chinese and Three Americans.

The organization adopted a sea designed by Gilbert S. Perez when it decided to issue a medal to commemorate the visit to Manila of the Duke and Duchess of Brabant in 1932. This was the first PNAS medal.

The first public numismatic exhibit sponsored by the society was held at the National Museum in 1930 which drew a huge crowd from visitors, collectors and tourist alike. PNAS met regularly until December 1941 when the Second World War broke out. Dr. Batug headed the association for the first ten years, after which Judge Garcia-Roxas took over the helm during the war years. The Japanese occupation of the country did not deter its member from holding sporadic meetings, but it was after the liberation when PNAS resumed its activities with even greater vigor.

The PNAS is an affiliate of the American Numismatic Associaton (ANA) and a correspondent of numerous numismatic societies all over the world. It conducts auction meetings on a regular basis, aside from once-a-year international auction coinciding with its annual convention that features bourse-trading, horse-trading, exhibit of numismatic collections and fellowship dinner. It also publishes journals and newsletters and Philippine Numismatic Monograph that deals not only with numismatic information and studies but also about our country's rich cultural and historical heritage.

A host of prominent personalities in the world of collecting have held the helmof the association over the years. Among them were Dr. Jose P. Bantug (1929-40); Judge Simeon Garcia Roxas (1943-44); Dr. Jesus P. Celis (1948, 1959-60); Dr.Pablo de Jesus (1949-55, 1966); Dr. Leoncio Lopez Rizal (1956-57, 1961-65); Don Jesus Cacho (1957, 1967); Alfonso Ongpin (1958); Manuel Manahan (1967-74); Antonio B. Bantug (1975-76); Dr. Angelita G. Legarda (1977-78); Atty. Feliciano Belmonte (1979-84); Felipe Liao (1985-87, 1993); Guy N. Davis (1988-92); Albino M. Quiban, Jr. (1994-96); Robert E. Enriquez, Jr. (1997); John Dalsfoist (1998); Antonio Teh (1999); Mariano Cacho, Jr. (2000); Ramon N. Villegas (2001); and again Mr. Antonio Teh (2002).