IF you’ve mistaken the new P5 coin for P1, you’re not the only one.
The Bangko Sentral ng Pilipinas, however, is embarking on a campaign to inform the public of the design features of the new coins to let them know the difference.
“The confusion that was the initial reaction of the people regarding the P5 NGC coin and P1 from old set of coins will be gone by the time that the NDS will stop circulation. This confusion will cease to exist,” BSP Regional Director Leonides Sumbi said.
The New Generation Currency coin series were released in November last year to commemorate the 120th death anniversary and 154th birthday of Andres Bonifacio. The issue was also intended to meet the great demands for the coins during the Christmas season.
But many criticized the design of the new coins, especially the P5 coin, as many found it too similar to the existing P1 coin.
BSP explained that the shift from the old series, the New Design Series (NDS), will enhance the security features of the newly released coins.
BSP said the NGC coin series values sight and tactile technology, allowing people to distinguish the new coins based on the diameter and feel of the edges. For P10 coins, these are milled with edge lettering. The P5, 25 centavos and 1 centavo coins have plain edges. P1 coins have intermittent reeds while 5 centavos have reeds.
The coin designs in the NGC feature the new BSP logo, three national heroes, and endemic floras, consistent with the NGC Banknote series that highlights Philippine fauna.
Sumbi added that the new feature of the NGC coin series will prevent any of counterfeiting and mutilation. She explained that a single color coin with a nickel-plated steel with an anti-corrosion technology preventing coins to discolor and discouraging illegal extraction of valuable metal content.
According to BSP Regional Deputy Director Christine Tan, the production cost of NGC is lesser than the old ones.
“We spent more in minting the coins in the old series, while for NGC, coins P1 and up have lesser minting maintenance,” Tan said.
According to BSP Cash Unit Manager Anne Oville, the circulation of the NGC coin series is limited, which is why NDS coins will still be circulated alongside NGC coins, until the BSP calls for the former’s demonetization.
Oville said that there are currently 1.2 million P10 coins, 1.5 million P5 coins, two million P1 coins, 255,000 25 centavo coins, 900,000 5 centavo coins and 450,000 1 centavo coins are the current number of coin pieces circulated in Cebu as of today,” Oville said.
BSP will launch the NGC coin series in July, in time for its 28th anniversary celebration. (Elitz Alia Caballero, CNU Intern)