BSP to release new coins

THE BANGKO Sentral ng Pilipinas (BSP) bared on Monday that it will start releasing the full set of new coins.

In a video released by BSP, the new coins are one centavo, five centavos, 25 centavos, one peso, five pesos, and 10 pesos, which are all in silver color. There is also no 10-centavo coin unlike the current set of coins.

The central bank clarified that the existing coins are still in circulation even with the release of the coins.

“The existing coins shall remain as legal tender and can be used alongside the NGC Coin Series for day-to-day transactions to pay for goods and services, until such time as the BSP calls for their demonetization,” BSP said in a statement.

The central bank introduced the new coins with enhanced security features to prevent counterfeiting. This is issued by the bank as approved by President Rodrigo R. Duterte upon the recommendation of the Monetary Board.

This was prompted after the issuance of new generation currency (NGC) banknotes in 2010. The central bank first released the P5 coin in December last year to commemorate the 120th death anniversary of Andres Bonifacio, who is featured on the front portion of the coin.

“The differences between the NGC coins and the existing BSP coin series can be best appreciated through visual means and tactile familiarization,” BSP said. These are unlike the current coin series that vary in color.

These also featured the new logo of the central bank.

In a poster released by BSP, the new coin series vary in size, obverse and reverse. The smallest is the one-centavo coin with a diameter of 15 millimeters, an obverse featuring Philippine flag and reverse showing ‘mangkono’ tree while the largest is the 10-peso coin with a diameter of 27 millimeters, an obverse with Apolinario Mabini and reverse featuring ‘kapa-kapa’ plant.

“The NGC coin series design features enhanced the aesthetics and security of the coins. In particular, micro-printed details using laser-engraving technology were included in the two highest denominated coins, the 10-Piso and 5-Piso, which makes it difficult for these coins to be duplicated using traditional coin counterfeiting methods,” BSP said.

The new coins are also designed to discourage the illegal practice of hoarding large quantities of coins for the extraction of their metal content. These are all made out of nickel-plated steel, a durable material.

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