The Bangko Sentral ng Pilipinas (BSP) yesterday released the full set of the New Generation Currency (NGC) Coin Series comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo and the 1-Sentimo into circulation.
The BSP said that the NGC Coin Series 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 central bank said.
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 that the coins, which appear as metallic silver, are made from durable 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.
Coins in the NGC Series will feature the new BSP logo, three national heroes in the 10-Piso, 5-Piso, and 1-Piso coins, a stylized three stars and a sun in the 25-, 5- and 1-Sentimo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.
The BSP said that the existing coins shall remain as legal tender and can be used alongside the NGC Coin Series for day-to-day transactions to pay for goods and services, until such time as the BSP calls for their demonetization.
“There is no date yet for demonetization for the old series. The two series will co-exist,” said Diwa Guinigundo, BSP deputy governor.
Malaya