New 20 Peso Coin

THE BANGKO SENTRAL ng Pilipinas (BSP) is set to circulate a new version of the five peso coin to address confusion with other New Generation Currency (NGC) coins as well as a new P20 coin. In a statement on Monday, the central bank said the “enhanced” P5 coin will “make it more distinct from other denominations in the NGC Coin Series. The New 20 Peso Coin The use of the 20 Peso coin—which is now the highest denomination in the NGC Coin Series launched in 2018—is more cost-efficient to produce as it will have a longer circulation life than a 20-Piso banknote.

Like all of Mexico's coins, the obverse side of the new 20-peso coin features Mexico's coat of arms-an eagle perched on a prickly pear cactus engulfing a rattlesnake. On the top half of the coin's obverse side perimeter, Mexico's official name, Estados Unidos Mexicanos, or the United Mexican States, is embedded. THE revamped five-peso coin would be nonagon-shaped, while the new 20-peso coin would have two-toned bronze and silver hues, according to the Bangko Sentral ng Pilipinas (BSP). “’Yung sa five peso, enhanced at binago namin ang kanyang hugis para distinct siya at makilala siya ng publiko, hindi nakakalito. Nine sides so nonagon,” said Engr. The Mexican 20 Peso Gold (0.48 oz) sold by bullion dealers today is an official re-strike. The Austrian 100 Corona and the gold Swiss and French 20 Franc also popular re-strikes being produced by world mints today. Official re-striking is a common practice and supplies many popular bullion coins in new condition at close to their melt value.

Do not be surprised to see and use a 20-peso coin in the coming days. The Bangko Sentral ng Pilipinas (BSP) has formally launched the 20-peso coin, now the highest denomination in the central bank’s New Generation Currency (NGC) Coin Series released in 2018—consisting of 10-peso, 5-peso, 1-peso, 25-centavo, 5-centavo, and 1-centavo coins.

Based on research by the University of the Philippines, the 20-peso banknote is the most-used denomination for payments nationwide. Thus, it is easily rendered unfit for circulation and returned to the BSP for replacement. The central bank asserts that producing a 20-peso coin will be more cost-efficient as it logically will take a longer circulation life compared to the popular 20-peso bill.

The newly launched 20-peso NGC coin will co-exist as a legal tender with the currently circulating 20-peso banknote, which will eventually be pulled out from the circulation through natural attrition.

As expected, the 20-peso coin retains the major elements of the current 20-peso note. The front side still features the first president of the Philippine Commonwealth—Manuel L. Quezon, the father of the national language, the creator of the National Economic Council, and a proponent of Philippine independence.

The backside of the coin features the BSP logo along with a visual of the Malacañan Palace, the official residence of the Philippine President since Quezon’s time. The coin also showcases the Nilad, a native plant variety in which the name of the country’s capital, Manila, is believed to have originated from. The Nilad’s star-shaped flowers once clustered in abundance along the banks of the Pasig River, where the Malacañan Palace is located.

To prevent possible confusion among consumers, the 20-peso coin has two easily distinguishable colors, making it stand out in the series of coins. As a security feature, it has micro prints plus an identifiable edge to deter counterfeiting.

SPONSORED ARTICLES

The design of the P20 coin by the Bangko Sentral ng Pilipinas may prove problematic for those with impaired eyesight as it can be difficult to distinguish from other coins.

“Hindi niyo ba naisip na baka mahirapan mga senior citizen lalo (na) pagdating sa pera kasi pare-pareho halos yung mga barya?” a Twitter user asked.

BSP on Tuesday unveiled the new P20 coin along with the redesigned version of the P5 coin to be released in circulation early next year.

The P20 coin takes the place of P10 as the highest denomination in the central bank’s New Generation Currency coin series.

It retains most of the elements from the banknote version, with the face of Commonwealth-era President Manuel L. Quezon on the coin’s front side.

The reverse side features the logo of the BSP and the Malacañan Palace, the country’s seat of power.

The P20 coin also features the design of the Nilad, a plant in which the name of Manila is believed to have come from. This is in accordance with the designs of the coin series that displays native flora on the reverse side.

The new coin also has microprint and an identifiable edge that make it difficult for counterfeiters to replicate.

The enhanced P5 coin, meanwhile, is heavier, thicker and has nine sides to supposedly make it look more distinct than other silver coins.

The BSP said it introduced the P20 coin since it is “more cost-efficient to produce as it will have a longer circulation life” than its banknote version.

#BSP Releases New 20-Piso and Enhanced 5-Piso Coinshttps://t.co/nsF19ILSSVpic.twitter.com/VNVlBMYcK8

— Bangko Sentral (@BangkoSentral) December 17, 2019

It also cited a study by the University of the Philippines which revealed that P20 is the “most-used denomination for payments across the country,” according to the central monetary authority.

“As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement,” BSP said in a statement.

BSP Assistant Governor Dahlia Lunaremarked that the lifespan of the P20 coin is longer than the banknote version, hence its rollout.

“The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year,” she said last June.

Concerns

The introduction of a P20 coin, however, did not impress some Filipinos who commented those with poor eyesight may not be able to distinguish the silver coins from one another.

“Sir, we really don’t need a 20 peso coin—especially not when we can’t even distinguish the existing ones from each other,” wrote another Twitter user.

“Kumusta naman yung mga may edad or may poor eyesight na Filipinos? Hirap na nga nila ma-distinguish kung alin ang 1,5 at 10’s, dadagdagan pa ng 20 peso coins,” wrote another Twitter user.

A user said that the BSP could’ve thought of ways to make banknotes “more durable” instead of releasing new coins.

Look, i get their perspective of making 20 peso bills into coins will make them more durable,pero kasi ang unnecessary? sooo difficult to distinguish from other peso coins like,hindi siya user friendly…they couldve came up w a material that will help paper bills durable diba? https://t.co/FNpYi5mjGq

Mexican 20 Pesos Gold Coin

— sam☻ (@FlNDtheSAM) December 17, 2019

“Look, I get their perspective of making 20 peso bills into coins will make them more durable, pero kasi ang unnecessary? Sooo difficult to distinguish from other peso coins like, hindi siya user-friendly… they could’ve come up with a material that will help paper bills durable ‘di ba?” she wrote.

Today’s P1, P5 and P10 coins all share the same color of silver.

While P1 is smaller, the shape of the P5 and P10 coins could be indistinguishable from one another if one is not too careful.

The same goes for the P1 coin. If the person is in a hurry or in a dim place, properly distinguishing all of the coins from each other could be tricky.

Last year, some Filipinos also criticized the central monetary authority for changing the designs which took “at least two years” to make, according to BSP Deputy Governor Diwa Guinigundo.

Then BSP changed the design of the coins to enhance its security features in order to prevent it from being counterfeited.

New 20 Peso Coin 2020 Philippines

“The metallic composition of the NGC coins was changed to discourage illegal extraction of valuable metal content. In the past, this practice has resulted in the hoarding of large quantities of coins, for extraction of metallic contents in overseas smelting entities,” it said in a primer.

New 20 Peso Coin 2020

“The metallic composition of the NGC Coin Series also contributes to improved wear and corrosion resistance capabilities,” the BSP added.

New 20 Peso Coin 2020

The colors were also changed to improve its wear and corrosion resistance, as well as address discoloration concerns observed in brass and copper-plated coins.