The Bangko Sentral ng Pilipinas (BSP) issued its second public advisory on the online selling of so-called “Brilliant Uncirculated 20-Piso Coins” which are not produced by the BSP.
The 20-piso coin is the BSP’s highest-denominated coin. “(BSP) advises the public that it has not issued Brilliant Uncirculated 20-Piso coins (and) reminds the public to beware of online sellers advertising (coins) for sale,” said the BSP. The first public advisory was released last October 2020.
The 20-piso coins were first circulated in December 2019. It is circulated along with the 20-piso banknote that the BSP has not yet demonetized since it is still in a transition process.
The BSP produced a 20-piso coin because it is more cost-efficient and have a longer circulation life than a 20-piso banknote.
A University of the Philippines study said that the 20-piso banknote is “the most-used denomination for payments across the country (and as a result) it is easily rendered unfit for circulation and returned to the BSP for replacement.” Eventually, the 20-piso banknote will be taken out of circulation by natural attrition, said the BSP.