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It all depends on the condition of the coin. It could only be worth melt value if it's in bad condition or, it could be worth several hundred dollars if it's mint state. The 1908-S peso is one of the most common of the series (1903-1912) U.S./Philippine Pesos.

The 1906-S peso is worth $2,000 - $3,000 even in poor condition however only about 200 of those are thought to exist. There were 201,000 of these minted however only a few ever made it into circulation because the majority of the coins were shipped back to the mint to be melted due to the price of silver rising. The peso's are smaller diameter starting in 1907 through 1912.

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