The Bangko Sentral ng Pilipinas (BSP) said it will launch the new 20-Piso coin in December 2019 and release this in circulation in 2020.
An enhanced 5-Piso coin will also be released to make it more distinct from other denominations in the New Generation Currency (NGC) Coin Series.
“The changes were based on studies on the design, security features, and specifications of the new coins,” the central bank said in a statement.
The 20-Piso coin, meanwhile, will retain major elements of and co-exist with the 20-Piso banknote, although the latter will be gradually removed from circulation through natural attrition.
The central bank assured the 20-Piso coin will be easily distinguished from the other coins in the NGC series.
The metallic silver NGC coin series was released into circulation in March 2018. It is comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo and the 1-Sentimo coins.
The 20-Piso denomination remained a banknote. But in July, the central bank announced that the University of the Philippines has conducted a study on the currency cycle and found that the 20-Piso banknote is the most used denomination for small-value transactions.
The 20-Piso banknote is, thus, easily rendered unfit for circulation and returned to the central bank for replacement.
The UP study recommended that the 20-Piso banknote be replaced with a coin.
“The issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run,” the central bank said.
Official photographs and specifications of the 20-Piso NGC coin will be presented by BSP Governor Benjamin E. Diokno during its launch in December.
As of October 15, 2019, no official image of the new coin has been released.
The NGC Coin Series features micro-printed details using laser-engraving technology in the 10-Piso and 5-Piso to make it difficult to reproduce these using traditional coin counterfeiting methods.
The coins are made from nickel-plated steel, known for wear and corrosion resistance. The change in material addresses concerns on discoloration predominantly observed for copper-based metals. (Ventures Cebu)