The formation of the PNAS - the oldest numismatic organization in the land - was largely the brainchild of three individuals who shared the same passion for collecting coins and antiques, namely, Dr. Jose P. Bantug, Gilbert S. Perez and Inocencio Delgado. Aside from the three, among the other prominent charter member 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 numismatics and antiquary through the study and collection of coins, medals and other antiquities. The organization also showed great concern for the preservation of our cultural heritage and the promotion of Philippine numismatics throughout the world and for many future generations to come.

At the initial organizational meeting held on March 16, 1929, Dr. Bantug was elected first President of the Society; Gilbert Perez, Vice President; 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 seal designed by Mr. Perez when it decided to issue the first PNAS medal to commemorate the visit to Manila of the Duke and Duchess of Brabant in 1932. The first public numismatic exhibit sponsored by the Society was held  at the National Museum in 1930, which drew a huge crowd from visitors and collectors. The PNAS met regularly until December 1941 when the Second World War broke out.

Dr. Bantug headed the Society 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 members from holding sporadic meetings. After the liberation the PNAS resumed its activities with even greater vigor.

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