By Central Bank of the Philippines …..
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, or BSP) announced today that it will start releasing the full set of the New Generation Currency (NGC) Coin Series comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo and the 1-Sentimo into circulation.
The New Generation Currency Coin Series design features enhanced the aesthetics and security of the coins. In particular, micro-printed details using laser-engraving technology were included on 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. 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.
The coins, which appear as “metallic silver”, are made from durable nickel-plated steel that possesses very good wear and corrosion resistance. The change in material addresses concerns on discoloration predominantly observed for copper-based metals.
Coins in the NGC Series will feature the new BSP logo, three national heroes (Apolinario Mabini on the 10-Piso, Andres Bonifacio on the 5-Piso and José Rizal on the 1-Piso), a stylized three stars and a sun in the 25-, 5- and 1-Sentimo, and endemic flora consistent with the design of the New Generation Currency Banknote Series that highlights Philippine fauna.
The differences between the NGC coins and the existing BSP Coin Series can be best appreciated through visual means and tactile familiarization.
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.
