MANILA, Philippines – Newly designed Philippine coins are out.
The Bangko Sentral ng Pilipinas (BSP) released the complete New Generation Currency (NGC) Coin Series on Monday, March 26. It features new designs for the 10-peso, 5-peso, 1-peso, 25-centavo, 5-centavo, and 1-centavo coins.
The new coins will coexist with the old coins in circulation.
"The existing coins (BSP Coin Series) 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," the central bank said in a statement.
The BSP described the NGC coins as having a "metallic silver" appearance, adding that these are "made from durable nickel-plated steel that possess very good wear and corrosion resistance."
The NGC coins feature the BSP logo, national heroes, and endemic flora, consistent with the design of the NGC Banknote Series launched in 2010 which shows Philippine fauna.
The 10-peso coin, in particular, features Apolinario Mabini on its face and the kapa-kapa plant on its reverse side. It has milled edges.
The 5-peso coin, which was released early back in December 2017 to mark the 154th birth anniversary of Andres Bonifacio, features Bonifacio on its face and the tayabak plant on its reverse side. It has smooth edges.
The 1-peso coin features national hero Jose Rizal on its face and the waling-waling plant on its reverse side. It has an intermittent reeded edge.
All of the new centavo coins feature a stylized 3-stars-and-a-sun motif from the Philippine flag, along with different indigenous plants on the reverse side.
The 25-centavo coin has a katmon flower and a plain edge.
The 5-centavo coin has a kapal-kapal baging plant and a reeded edge.
The 1-centavo coin has a mangkono flower and a plain edge.
While the BSP said it began circulating the new coins on Monday, the NGC Coin Series will be formally launched in July to coincide with the 24th anniversary of the central bank.
The BSP previously noted that the NGC Coin Series uses the latest technology in minting coins and features enhanced security to deter counterfeiting as well as improve wear and corrosion resistance capabilities.
In particular, it highlighted that "micro-printed details using laser-engraving technology were included" in the 10-peso and 5-peso coins, "which makes it difficult for these coins to be duplicated using traditional coin counterfeiting methods."
The metallic composition of the NGC coins also discourages the illegal practice of hoarding large quantities of coins for the extraction of their metal content, added the BSP. – Rappler.com