New 20 Peso Coin
Metro Manila (CNN Philippines, December 17) — Pockets and wallets are bound to be heavier with another coin to be used for daily transactions soon.
- The design for the 20-peso coin is being finalized and its security features and specifications are now carefully being planned. According to BSP Assistant Governor Dahlia Luna, the coin version was considered after a study by the University of the Philippines found that Filipinos most frequently use P20 bills, leading to the banknote’s.
- The new coin will be in circulation in 2020, following findings that the P20 banknote suffers the most wear and tear. A study by the University of the Philippines noted that it is the most used.
The Bangko Sentral ng Pilipinas (BSP) on Tuesday revealed the coin version of the ₱20 bill, which will be rolled out for circulation starting the first quarter of 2020.
The Bangko Sentral ng Pilipinas states that the new 20 peso coin would cost more to manufacture but would last for 10 to 15 years, longer than a 20 peso banknote. The coin is planned to be released in late 2019 or early 2020. In September 2019, the ₱20 coin finally designed and will be released in December 2019.
The new ₱20 coin will have a gold-colored outer ring and a silver core and will also be the biggest in size.
The coins would still carry the face of former President Manuel Quezon, the second President of the Philippines who led the country during American occupation from 1935 to 1944. On the reverse, the BSP logo, the nilad flower, and the facade of Malacañang — the Presidential residence — can be seen.
An initial 500,000 pieces will be released in time for Christmas, BSP Senior Assistant Governor for the Currency Management Sector Dahlia Luna said in a media briefing — in time for the traditional aguinaldo or cash gift-giving.
The BSP first revealed plans to convert the orange ₱20 bill into a coin back in July. Governor Benjamin Diokno said the move came from a study conducted by the University of the Philippines, which recommended the shift from paper to metal coins for durability.
The ₱20 bills are easily spoiled and is the fastest to be returned to the BSP for replacement, being the most used denomination. Producing coins are said to be more costly — ₱10 versus ₱2 apiece for bills, but coins last longer.
Currently, the ₱20 bill is the lowest denomination among banknotes. The central bank previously converted the brown ₱10 bills into coins. Luna said this banknote will only be printed until 2021 and will eventually be removed from circulation as the coins are used.
'Enhanced' ₱5 coins
Meanwhile, the central bank also revealed the updated look for the ₱5 coin to make it distinct from other values.
Luna said the new ₱5 coin will have nine sides to make it easier to set apart, but will remain silver in color. Two million pieces of the upgraded ₱5 coin will be released as early as Thursdayay, she added.
The central bank released the New Generation Currency coin series in March 2018 which features an all-silver lineup for the 1-centavo, 5-centavo, 25-centavo, 1-peso, 5-peso, and 10-peso coins. What sets each coin apart is the hero on the face and the endemic plant or flower embossed on the reverse.
Mexican 20 Peso Coin Value
These nickel-plated steel coins are said to be more durable than the 1995 design, but are relatively smaller and lighter. Many Filipinos have complained about getting confused between the ₱1 and ₱5 coins as they look very similar in terms of size and color.
The central bank has the sole power to print and circulate cash used in the Philippines, which is all done at the BSP’s Security Plant Complex along East Avenue in Quezon City. The facility is set to be transferred to the New Clark City in Capas, Tarlac.
CNN Philippines' Sandra Zialcita contributed to this report.
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.
20 Peso Gold Coin Value
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.
New 20 Peso Coin Design
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.