The central bank introduced on December 17, 2019 the new 20-piso coin and the enhanced 5-piso coin, which will be released into circulation in early 2020.
The bicolor 20-piso coin retains major elements of the 20-piso banknote. Both coin and banknote will co-exist as legal tender until the banknote is removed from circulation through natural attrition, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.
The new 5-piso coin, on the other hand, has nine sides to easily distinguish it from the 1-piso and 10-piso coins.
These coins will be the latest to be circulated under the New Generation Currency (NGC) Coin Series, the BSP said in a statement.
The 20-piso coin features the late Commonwealth president Manuel L. Quezon on the front side and the BSP logo and the Malacañan Palace on the reverse side.
As with the other coins in the NGC Coin Series which highlight 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 20-piso coin would be the highest denomination in the NGC Coin Series. The BSP assured that it is highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
The BSP said it would be more cost-efficient to produce the coin as it is expected to have a longer circulation life than the 20-piso banknote.
The BSP decided to issue the 20-piso coin after a study by the University of the Philippines showed that the 20-piso banknote is the most used denomination for payments across the country.
Because it often changes hands, the banknote is easily rendered unfit for circulation and returned to the BSP for replacement.
Meanwhile, the enhanced 5-piso coin also retains the design elements of its round predecessor.
Andres Bonifacio, the father of the Katipunan, is still on the front side and the Tayabak plant, on the reverse.
The new coin also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”
Other denominations in the NGC Coin Series are 10-piso, 1-piso, 25-sentimo, 5-sentimo and the 1-sentimo.
The NGC Coin Series was released into circulation on March 26, 2018. Each coin appears to be metallic silver but is made from nickel-plated steel. The BSP said the change in material addresses concerns on discoloration predominantly observed in copper-based metals. (Ventures Cebu)