francis eloriaga,
As of March 26, coins bearing new designs for the 10, 5 and 1 peso, and 25, 5 and 1 centavo denominations have been minted by the Bangko Sentral ng Pilipinas. These coins will be used alongside the currently circulating coins which will still remain legal tender.
This is done because materials for making coins are getting more expensive. In turn, manufacturing coins with large differences in coloration and size would be more expensive than manufacturing coins that are similar with only very minor differences.
The new coins are extremely similar in coloration, and some even in size. According to the Bangko Sentral ng Pilipinas (BSP), this comes from the coins being “made from durable nickel-plated steel that possesses very good wear and corrosion resistance.” The main difference between the old and new coins is the engraving on the edges, as well as the designs and national heroes embossed on the faces. This is unlike the current coins. For instance, the “old” one-peso coin is colored silver, has a milled edge, and is of average size, while the “old” five-peso is copper, has a smooth edge, and is slightly larger in size.
Despite all these intents, however, the new design has been causing confusion to many who have encountered or used them, leading to outrage. It is difficult to distinguish one coin from another, especially in an environment where it is hard to see the coins’ details such as in a poorly lit place or when in a rush. A common complaint from people is that the similar designs of the coins can affect those with poor eyesight, in which some may frequently mistake the coins they are using or changing.
The circulation of these gave no thought to those who will have difficulty in distinguishing the coins from each other. It would have been better if BSP had phased out the current coins, while slowly integrating the newer coins into the circulation. Instead, the new designs have been introduced alongside the current one. And, since the current designs are still largely used and preferred by the general public, the newer designs are being overlooked in favor of coins that are more familiar to people. The backlash from the masses is enough reason to at least reconsider the potential impacts of the new coins.//by Francis Eloriaga and Philip Jocano
Opinion: Loose Change
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| Photo Credit: Ezra Bustamante |
As of March 26, coins bearing new designs for the 10, 5 and 1 peso, and 25, 5 and 1 centavo denominations have been minted by the Bangko Sentral ng Pilipinas. These coins will be used alongside the currently circulating coins which will still remain legal tender.
This is done because materials for making coins are getting more expensive. In turn, manufacturing coins with large differences in coloration and size would be more expensive than manufacturing coins that are similar with only very minor differences.
The new coins are extremely similar in coloration, and some even in size. According to the Bangko Sentral ng Pilipinas (BSP), this comes from the coins being “made from durable nickel-plated steel that possesses very good wear and corrosion resistance.” The main difference between the old and new coins is the engraving on the edges, as well as the designs and national heroes embossed on the faces. This is unlike the current coins. For instance, the “old” one-peso coin is colored silver, has a milled edge, and is of average size, while the “old” five-peso is copper, has a smooth edge, and is slightly larger in size.
Despite all these intents, however, the new design has been causing confusion to many who have encountered or used them, leading to outrage. It is difficult to distinguish one coin from another, especially in an environment where it is hard to see the coins’ details such as in a poorly lit place or when in a rush. A common complaint from people is that the similar designs of the coins can affect those with poor eyesight, in which some may frequently mistake the coins they are using or changing.
The circulation of these gave no thought to those who will have difficulty in distinguishing the coins from each other. It would have been better if BSP had phased out the current coins, while slowly integrating the newer coins into the circulation. Instead, the new designs have been introduced alongside the current one. And, since the current designs are still largely used and preferred by the general public, the newer designs are being overlooked in favor of coins that are more familiar to people. The backlash from the masses is enough reason to at least reconsider the potential impacts of the new coins.//by Francis Eloriaga and Philip Jocano
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