I would grade this coin as Fine (F12).
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 “One Centavo” 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 a turret with vertical bars in the background. The lower register shows a rampant sea lion. This is the Philippine Commonwealth Seal (adopted in 1936). At the upper rim are the words “United States of America” and at the bottom is the year of issue.
Identification code: Philippines KM-179 (1937-1944)
Mint Mark: no mint mark (Manila)
Country of origin: United States (US Philippines Territory)
Composition: Bronze (95% copper, 4% tin, 1% zinc)
Estimated Value: $1-2 in Fine condition