Author Topic: Philippines - New series of coins by 2017  (Read 3805 times)

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Offline eurocoin

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Philippines - New series of coins by 2017
« on: April 07, 2016, 12:41:04 PM »
After retiring old banknotes, BSP now studying new coin series for 2017

An official of the Bangko Sentral ng Pilipinas reported that a new coin series will be issued in the next two years.

The information came from BSP Currency Issue and Integrity Office (CIIO) Managing Director Iluminada Sicat yesterday at the sidelines of the central’s banks demonetization press briefing held at the BSP Cebu office in Osmena Boulevard.
“Probably in the later part of 2016 or early part of 2017 (BSP will release the new coin series),” Sicat said.

At present, the official said BSP’s technical committee is studying the design of the new coin series, which is expected to be completed within the year. The results of the study is subject to the approval by the Monetary Board, followed by the President’s approval in 2016.
The existing coin series, available in seven denominations, is older than the old banknotes dubbed as the New Design Series (NDS) which will lose its value starting next year. The old notes have been in circulation for almost three decades.

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Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #1 on: June 19, 2016, 01:11:02 PM »
The first time Philippines talked about New Genaration of Coins was on August 2, 2012 and it has been getting deferred since then.

Offline Figleaf

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Re: Philippines - New series of coins by 2017
« Reply #2 on: June 19, 2016, 02:36:32 PM »
There is a new government with a mandate for change and acting against corruption in place now. Not sure if that will work in favour or against new coins, but it will certainly change the outlook.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #3 on: June 19, 2016, 08:19:48 PM »
Let us hope so.

New President in Nigeria should also expedite the new series whereas Saudi Arabia Monetary Authority's new Governor has already processed the award for minting new series, after the earlier Governor dilly dallied for nearly a year and a half.

Changes do usher in efficiency for a short period most of the time. Keeping my fingers crossed.

Offline Jostein

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Re: Philippines - New series of coins by 2017
« Reply #4 on: June 19, 2016, 09:30:10 PM »
Let us hope so.

New President in Nigeria should also expedite the new series whereas Saudi Arabia Monetary Authority's new Governor has already processed the award for minting new series, after the earlier Governor dilly dallied for nearly a year and a half.

Changes do usher in efficiency for a short period most of the time. Keeping my fingers crossed.

+1  ;)
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Offline Bimat

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Philippines - New series of coins by 2017
« Reply #5 on: June 20, 2016, 10:34:46 AM »
The first time Philippines talked about New Genaration of Coins was on August 2, 2012 and it has been getting deferred since then.

Just like here in India, polymer banknotes were announced in 2007 or so and no one has yet seen them. :D

Aditya
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Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #6 on: June 20, 2016, 07:01:30 PM »
India is still trying to work on polymer notes.

It is now looking for multilayered paper with polymer as one or two layers.


See

https://www.brbnmpl.co.in/english/TendersArchives?udt_520_param_detail=7952

Apparently, the authorities do not intend giving up 10 Rupees note in favour of a coin entirely.
« Last Edit: June 20, 2016, 09:37:31 PM by Pabitra »

Offline eurocoin

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Re: Philippines - New series of coins by 2017
« Reply #7 on: October 26, 2016, 04:45:21 PM »
Things that were previously mentioned about the new coins:

- The Central Bank of the Philippines wants more secure coins. They plan to introduce an Electro Magnetic Signature so it will again be possible for vending machines to detect counterfeit coins.

- The dimensions of the 1,5 and 10 piso coins are likely going to be changed.

« Last Edit: October 26, 2016, 07:40:59 PM by eurocoin »

Offline eurocoin

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Re: Philippines - New series of coins by 2017
« Reply #8 on: March 06, 2017, 12:20:41 PM »
Apparently again postponed:

Quote from: CNN Philippines
A new set of coins is also in the works, the BSP also revealed. The new coins, which could be in circulation by 2019, will sport new designs and an electronic magnetic signature safety feature to prevent counterfeits.

Offline Bimat

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Philippines - New series of coins by 2017
« Reply #9 on: July 21, 2017, 11:27:18 AM »
BSP: New coin designs with security features out by year end

By: Ben O. de Vera

Philippine Daily Inquirer / 02:11 PM July 21, 2017

The Bangko Sentral ng Pilipinas (BSP) will release newly designed coins by yearend, although initially in a limited quantity, Deputy Governor Diwa C. Guinigundo said Friday.

Guinigundo disclosed that the BSP would no longer mint 10-centavo coins; as such, only the P10, P5, P1, 25-centavo, 5-centavo and 1-centavo denominations would be part of the new generation coins.

The BSP official said the new coin design will be rolled out before this year ends, while circulation “can also happen at the same time but in a limited capacity.”

Guinigundo said the new coins will bear some new security features, akin to those introduced in the new generation currency (NGC) banknotes.

But even with the issuance of new generation coins, the BSP would not yet demonetize the existing ones, Guinigundo said.

“It is more challenging to demonetize coins than banknotes. We will have to physically get them and collect them and do something with them” to lose value, he explained.

If ever the BSP would demonetize coins, Guinigundo said it may take them a few years.

“It can be extended considering the physical and logistical difficulty in surrendering the coins to the banks and the branches and regional offices of the BSP,” he said.

Source: Inquirer
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Offline eurocoin

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Re: Philippines - New series of coins by 2017
« Reply #10 on: July 21, 2017, 12:13:24 PM »
A few months after the news article from CNN Philippines in which 2019 was mentioned as the year of issuance, one of the directors of The Royal Mint was interviewed and he still mentioned 2017, so I already had some doubts. All of these conflicting stories are very confusing.

Although the particular interview was about the future of cash in general, I think it is very well possible The Royal Mint was involved for technical help with the new security features the Philippines plan to introduce in their coins.

Offline Jostein

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Re: Philippines - New series of coins by 2017
« Reply #11 on: November 29, 2017, 11:07:54 AM »
The first coin of the new series will be the 5 piso coin, that will be issue on November 30th. The rest of the coins of the new series will be issues on January 2018.

The new 5-piso NGC coin is 25 millimeters in diameter and weighs approximately 7.4 grams instead 27 mm and 7.7 grams of the current version.

http://www.bsp.gov.ph/publications/media.asp?id=4543


"Change is the law of life. And those who look only to the past or present are certain to miss the future" - John F. Kennedy

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Offline redlock

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Re: Philippines - New series of coins by 2017
« Reply #12 on: November 29, 2017, 07:45:29 PM »
Does anyone know where the NGC have been minted?

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #13 on: November 30, 2017, 05:32:09 AM »
According to

http://bworldonline.com/central-bank-releases-new-design-p5-coins-featuring-bonifacio/

the coin is Nickel plated steel and minted in Philippines Security Complex.

Offline redlock

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Re: Philippines - New series of coins by 2017
« Reply #14 on: November 30, 2017, 09:19:00 AM »
@Pabitra; Thanks for the information  :)