BSP warns public: P20, P5 coins are not rare
FILE PHOTO Bangko Sentral ng Pilipinas. (Philippine Daily Inquirer)
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) again raised the alarm against online merchants selling 20-peso coins for much more than their face value, saying they were not even rare with close to 300 million pieces in circulation.
Among coin collectors, brilliant uncirculated coins are considered entry-level collectible but of a higher standard than circulating coins.
In a public advisory, the BSP said the tactic now involves the enhanced — or “nine-sided” — 5-peso coin of which there are close to 2 billion pieces going around.
The two coins, which belong to the New Generation Currency coin series, “are still in circulation, and should not be bought at prices higher than their respective face value from online sellers,” the BSP said.
Both coins have been in circulation since December 2019 and, as of the end of February, there are 290.09 million pieces of the 20-peso coin and 1.9 billion pieces of the 5-peso coin.
The new 20-peso and enhanced 5-peso coins co-exist as legal tender with the 20-peso banknote and the round 5-peso coins — the supplies of both of which will not be replenished.
—RONNEL W. DOMINGO
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