BSP eyes new coin series by 2014

By Prinz Magtulis, The Philippine Star

Posted at Jul 30 2012 07:50 AM | Updated as of Jul 30 2012 11:08 PM

MANILA, Philippines - Studies are now being conducted for a new generation of coins which could be unveiled by the Bangko Sentral ng Pilipinas (BSP) in 2014, a central bank official said.

“Pretty soon we will be coming out with a new generation of coins. We are now looking at security features, the size and the dimension, among others,” BSP Deputy Governor Diwa Guinigundo told The STAR.

“A few years from now, maybe by 2014 (we will release them),” he added.

Present coins in circulation have been existing for the past two decades, Guinigundo said, way past their supposed life of five to 10 years.

Also, just like monetary bills, the deputy governor said coins should be replaced to “reflect the many events that have happened” in the previous years.

Designs are also “already old,” Guinigundo said, explaining that “new technologies” would not only protect the coins from counterfeiting but would also save BSP costs.

“Although coins now are not likely to be counterfeited since it will no longer be profitable to do so,” he clarified. He pointed out that BSP has been using steel instead of the more expensive nickel in making coins.

Last year, BSP released its new generation of bank notes featuring a face-lift of the present 20-peso, 50-peso, 100-peso, 200-peso, 500-peso and 1,000-peso bills which bear younger faces of icons, new Philippine attractions and an enhanced security feature.

The new set of peso bills was even named one of the finalists for best new currencies in the world in a global contest organized by the International Association of Currency Affairs.

For the coins, Guinigundo said the central bank is in the process of determining “what denominations will be dropped and what will be retained.”