Modern day antique collectors have since coined the term "Piloncitos" to describe the small "bead-like" pieces of gold which were used as currency in Precolonial Philippines, comparing the cone-shaped pieces to a pilon of sugar. Early historical descriptions of the term include the Spanish "granitas de oro" (small grains of gold), or simply by whatever local language terms were used to mean "gold" in those times, such as "bulawan."