Released back in 2019, BSP’s New Generation Currency coin series sparked confusion among netizens and conversations among lawmakers.
The new 20 peso coin which was released back in 2019 has been named as a finalist for the “Best New Coin or Series Category” of the International Association of Currency Affairs (IACA).
As part of the Banko Sentral ng Pilipinas’ (BSP) New Generation Currency Coin Series, the bi-colored 20-Piso coin features Manuel L. Quezon, the Malacañan Palace, BSP logo, and the Nilad plant.
According to the IACA, the finalists were selected from 39 nominated projects initiated by teams from 20 central banks, three commercial banknote issuers, nine suppliers to banknote industry, and one banknote distribution system organization.
Winners will be announced on February 22, 2022, in conjunction with The Banknote and Currency Conference in Washington, DC.
When the new 20-peso coin was released, it was initially opposed by netizens who felt that the money’s value goes down if they become coins while others say coins make their pockets bulky.
BSP defended their decision citing a study that the P20 denomination is the most used bill and is most vulnerable to tear and damage.
NEW P20 COIN. Say goodbye to P20 paper notes as the Bangko Sentral Pilipinas has formally launched the P20 coin purportedly because metals last longer than paper bills. This man told OpinYon that he will collect more P20 coins because he was convinced that it will increase its value and become very collectible sometime in the future.
“The life span of a coin when recirculated is more than 10 to 15 years compared to banknotes which is less than one year,” BSP Assistant Governor Dahlia Luna said.
Late last year, a chat message claimed that the P20 banknotes can only be used until December 31, 2021. The BSP quickly denied it saying it will shall be gradually removed from circulation through natural attrition or until the 20-Piso banknotes become unfit for recirculation.“
For now, the BSP has not released any advisory regarding when the P20 banknotes will be demonetized.
Tags: #bsp, #20pesocoin, #pimentel, #bestnewcoins, #iaca