Commemorative coins are legal tender
Commemorative coins issued by the Bangko Sentral ng Pilipinas (BSP) can be used purchase goods or services as these are deemed legal tender, the central bank said on Wednesday.
“Together with BSP-issued banknotes and coins, commemorative coins … may be used … unless these coins have been demonetized,” a central bank advisory stated.
Commemorative coins are designed and produced in limited quantities to showcase significant events, the legacy of a deceased person, Philippine landmarks or an advocacy.
At present, 45 commemorative coins are of legal tender and in circulation.
However, 30 are now under demonetization, will have no value after April 30, 2019 and will be considered demonetized by May 1, 2020.
The most recently issued are the five-peso Bagong Bayani coin in honor of overseas Filipinos and another marking the Leyte Landing, and a 10-peso coin celebrating the 150th year of Philippine hero Apolinario Mabini.
In a related development, the BSP also reiterated that the full set of New Generation Currency (NGC) coins had been released starting March 26 this year.
“These consist of six denominations — 10-piso, 5-piso, 1-piso, 25-sentimo, 5-sentimo and 1-sentimo…,” it said.
Coins in the NGC Series feature the new BSP logo; three national heroes — Jose Rizal on the P1, Andres Bonifacio on the P5 and Apolinario Mabini on the P10 coins; a stylized three stars and a sun on the 25-, 5- and 1-centavo coins; and endemic flora.
The Bangko Sentral also called on the public to help preserve the integrity of Philippine currency and encouraged coin recirculation “through regular use in daily transactions”.
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