THE Bangko Sentral ng Pilipnas (BSP) released on Tuesday, December 17, the new 20-piso coin and the enhanced 5-piso coin under its New Generation Currency (NGC) coin series.
In a statement, the central bank said the 20-piso coin will co-exist as legal tender with the currently-circulating 20-piso NGC banknote, which will be removed from circulation through natural attrition.
The 20-piso coin is now the highest denomination in the NGC coin series that was launched in 2018. Its use is more cost-efficient to produce as it will have a longer circulation life than a 20-piso banknote.
The new bi-color coin retains major elements of the 20-piso banknote, the BSP said.
The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine independence.
Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine President. Manuel L. Quezon was the first Philippine president to occupy it in his term.
Consistent with the NGC Coin Series which highlights native flora, the 20-piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila, is believed to have originated.
The coin is easily distinguishable from other coins in the series and is highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
The coin was issued after a University of the Philippines study said the 20-piso banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.
The enhanced 5-piso coin, meanwhile, has nine sides to make it more distinct from other denominations in the NGC coin series, the BSP said in the same statement.
The 5-piso coin also retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant, on the reverse. It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”
The design of the country’s newest coins is approved by the President of the Philippines. The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value. (Carlo S. Lorenciana/SunStar Cebu)