This coin is fine to very fine condition. I would grade it approximately VF-20.
On the obverse, a bare chested Filipino man is shown sitting next to the forge of freedom. The blacksmith is built like Adonis – with huge muscles flexed in a spreadeagled pose. His elbow is on the forge, a Thor-like hammer is dangling from his right hand, and his left hand is on his left knee. The guy is staring off into the distance at Mt. Mayon, an active volcano with smoke billowing from the crater. On the upper edge of the coin is the denomination “Five Centavos” and on the lower perimeter is the word “Filipinas”. The engraver was Melecio Figueroa.
The reverse design features an eagle perched on a shield with a two register shield. The upper register shows 13 5-sided stars in two rows. The lower register shows 13 vertical bars with stripes and solid bars alternating. This is the Seal of the US Philippine Territories (adopted in 1903). At the upper rim are the words “United States of America” and at the bottom is the year of issue. If it had a mint mark (this one does not), the mint mark would be below the dot to the left of the date.
Identification code: Philippines KM-164 (minted 1903-1928)
Mintage: 8,910,000 (2,558 were minted in proof)
Country of origin: United States (US Philippines Territory)
Composition: Coin Nickel (25% nickel, 75% copper)
Other details: This was the first year of mintage for the 5 centavo. The diameter of the coin was later reduced to avoid confusion with the 20 centavo coin.
Estimated Value: $1.50-2.50 in VF-20