New 20 Peso Coin
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.
As it would appear, each individual note only lasts a year in circulation whereas the new 20 peso coin would last for 10 to 15 years. By all means, the central bank assured the public that the coin counterpart of our favorite banknote “shall be a result of an extensive and in-depth deliberation by the BSP's Committee on Currency Design. Detailed information about the coin 20 Pesos (Octavio Paz), Mexico, with pictures and collection and swap management: mintage, descriptions, metal, weight, size, value and other numismatic data. Like all of Mexico's coins, the obverse side of the new 20-peso coin features Mexico's coat of arms-an eagle perched on a prickly pear cactus engulfing a rattlesnake. On the top half of the coin's obverse side perimeter, Mexico's official name, Estados Unidos Mexicanos, or the United Mexican States, is embedded.
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.
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.
