MANILA, Philippines – This must be good news for the Bangko Sentral ng Pilipinas (BSP) after last month’s fury over its new design for the P1 000 bill.
The P20 coin, a fairly recent legal tender that will soon replace its banknote version, has become one of three finalists in the Best New Coin or Series category of the annual Excellence in Currency Awards 2022, organized by the International Business Association. monetary (Iaca).
The Texas-based organization has central banks, finance departments or ministries around the world, and other “currency issuing authorities.”
Another important category in the prizes is the best new ticket or series, for which the finalists are tickets from Azerbaijan, Costa Rica, Mexico and Qatar.
The P20 of the Philippines faces the commemorative coin of 20 pesos of Mexico and the 200 tenge of Kazakhstan.
The Iaca said on its website that the awards are intended “to promote and recognize excellence in the production, processing, management, distribution and related activities of banknotes and coins.”
In the Best New Coin category, finalists will be judged on the basis of design innovation, uniqueness, historical or local content relevant to the country concerned, and aesthetic appeal, among other qualities. .
The winners will be announced on February 22, when the Iaca also holds its Banknote and Currency Conference in Washington, DC.
Exhibit P20, part of the New Generation Currency series introduced in 2018, features Commonwealth-era President Manuel L. Quezon on the obverse or front, and images of Malacañang Palace, the BSP logo and the “nilad” factory. – after which the city of Manila is named – on the back or back.
With nearly 3 centimeters in diameter, it is the largest of the coins currently in circulation. It is made of steel, with the nickel plated core and the ring surrounding the bronze plated core.
In October 2020, the BSP had to warn the public that the P20 was being sold online to collectors for a price well above its value.
A quick search at Shopee showed it was still selling for up to P 3,000 a piece.
A different fate awaits the P20 note as it “will be phased out of circulation through natural attrition,” or downsizing, the BSP said.
This means that there will be no more printing of the ticket, which the regulator itself had recognized as the most widely used denomination in the country.
He said “because of this, the 20 peso note is easily rendered unfit for circulation and [will be] returned to BSP for replacement.
“As such, issuing a coin instead of a banknote is more profitable in terms of long-term currency production,” BSP said.
The P20 ticket also features Quezon on the front, with images of Banaue’s rice terraces and Asian palm civet on the back.
In December, the BSP sparked controversy after it presented a new design for the 1,000 P banknote, with the Philippine eagle on the front replacing images of WWII-era patriots Jose Abad Santos, Josefa Llanes Escoda and Vicente Lim.
The new bill will be issued in April, but the BSP said the current P1000 will remain in circulation.
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