THE Bangko Sentral ng Pilipinas (BSP) has unveiled the new design for P5 coins to be released next month in time for Bonifacio Day, to be followed by the rollout of new generation coins by January 2018.
The central bank yesterday revealed the new design for the five-peso coin in time for the 154th birth anniversary of Andres Bonifacio — who is dubbed as the Father of the Philippine Revolution — ahead of the Nov. 30 holiday.
The new coin design will carry the hero’s face on one side and a stylized rendition of the Tayabak plant and the BSP logo on the reverse, replacing former President and General Emilio Aguinaldo.
Another major change is that the P5 coins will be “nickel plated” instead of gold, BSP Deputy Governor Diwa C. Guinigundo said, which will mean a harder surface and long-lasting brilliance.
The new P5 coins will be released for general circulation starting December 2017, the BSP said in a statement, which will be accepted as legal tender.
New designs for other coin denominations will be released and circulated by January 2018, and will carry “enhanced” features to guard against counterfeiting and more durable versus wear and rusting.
The current coin designs have been in use since 1995.
Mr. Guinigundo has said that the new set of designs will exclude the 10-centavo coin, in line with plans to rationalize the volume of coins produced in terms of its usage. To be retained are the one-centavo, five-centavo, 25-centavo, P1, P5, and P10 denominations.
The central bank prints bills and mints coins at its Security Plant Complex along East Avenue in Quezon City. The new coin series is expected to reduce minting expenses for the BSP, as it allows them to avoid “unexpected volatile swings in metal prices” which could raise production costs.
This follows the New Generation Currency bills released by the BSP starting 2010, which replaced the 1985 design series for paper money.
The BSP has the sole authority to issue money for general use. As practiced, central banks regularly change the design of bills and coins to elevate security standards against counterfeiting.
Under the New Central Bank Act, the BSP can replace money which have been in use for over five years.
The central bank also released commemorative P10 coins carrying General Antonio Luna last week, with the limited supply circulated in time for his 150th birth anniversary. — Melissa Luz T. Lopez