LOOK: New P20 coin, enhanced P5 coin unveiled
MANILA, Philippines – As promised by the Bangko Sentral ng Pilipinas (BSP), the new P20 coin's design is different from the other coins.
The BSP on Tuesday, December 17, unveiled the new P20 coin which has bronze and silver hues. It has a bigger diameter at 30 millimeters.
The new coin still features former president Manuel Quezon, the first president of the Philippine Commonwealth.
The reverse side shows the BSP logo and Malacañang Palace. It also showcases the Nilad plant, from which the name of the country's capital, Manila, is believed to have originated.
The bicolor P20 coin appears distinguishable from other coins in the series.
The P1, P5, and P10 coins look alike and often become a hassle for sellers and buyers during transactions, and also for drivers and commuters.
The BSP also released on Tuesday the enhanced P5 coin with 9 sides to make it more distinct from other denominations. It retains the key element of the old round coin, with Andres Bonifacio, Father of the Philippine Revolution, on the front side and the Tayabak plant on the reverse.
The new coins will be in circulation by the 1st quarter of 2020.
More expensive, but lasts longer
The BSP decided to create the P20 coin after finding out that the banknote version suffered the most wear and tear, as it is the most widely used denomination for payments in the country.
While the coin is more expensive to produce, it would be more cost-efficient for the central bank since it will be more durable.
BSP Governor Benjamin Diokno said it costs P2 to produce the P20 bill, but it only lasts around 6 months. Producing the coin costs P10, but it will last for 10 to 15 years.
The P20 coin will initially coexist with the banknote version as legal tender. However, the banknote will be gradually removed from circulation. – Rappler.com