THE BSP will start releasing the full set of the New Generation Currency (NGC) coins.
“The NGC 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. 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 BSP said in a statement released yesterday.
The coins, which appear as “metallic silver”, are made from nickel-plated steel “that possess very good wear and corrosion resistance.” The change in material addresses concerns on discoloration predominantly observed for copper-based metals. The existing BSP Coin Series can still be used alongside the NGC coins until the BSP calls for their demonetization. (PR)