Confused? BSP to release ₱5 coins with a distinct look

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The Bangko Sentral ng Pilipinas hopes to end the confusion with its all-silver coin denominations by changing the look of the ₱5 coin.

Metro Manila (CNN Philippines, October 14) — Consumers who are still confused with the all-silver coins released by the Bangko Sentral ng Pilipinas (BSP) will soon have a respite, with a distinct look for the five-peso denomination being planned.

In a statement, the central bank announced that it will be releasing an "enhanced" version of the ₱5 coin, which will "make it more distinct from other denominations."

"The changes were based on studies on the design, security features, and specifications of the new coins," the BSP said in a statement on Monday.

In March 2018, the central bank started releasing the New Generation Currency coin series which features an all-silver lineup for the 1-centavo, 5-centavo, 25-centavo, 1-peso, 5-peso, and 10-peso coins. What sets each coin apart is the hero on the face and the endemic plant or flower embossed on the reverse.

The silver ₱5 coin carries Andres Bonifacio, versus its golden predecessor which had the face of former President Emilio Aguinaldo.  

The new nickel-plated steel coins are said to be more durable than the 1995 design, but are relatively smaller and lighter. Many Filipinos have complained about getting confused between the ₱1 and ₱5 coins. This forced the BSP to issue guidelines on how to set them apart by feeling the ridges of the one-peso and the smooth edges of the five-peso coin.

The BSP is yet to release photos of the new look of the ₱5 denomination.

READ: BSP to transfer money printing facility to Clark

Meanwhile, the central bank said it will launch the new ₱20 coin by December, ahead of its 2020 rollout. The BSP decided to shift the bill into a coin following a study conducted by the University of the Philippines showing that it is the most used denomination in the country, making it the fastest to be dirtied or ripped. The central bank said converting the ₱20 into a coin is "most efficient" for currency production.

"Once circulated, the new 20-Piso coin shall co-exist with the 20-Piso NGC banknotes as legal tender. The 20-Piso banknote shall be gradually removed from circulation through natural attrition," the BSP said.

In July, BSP Governor Benjamin Diokno told CNN Philippines that Manuel Quezon, the second President of the Philippines, will remain as the face of the ₱20 coin version.

Currently, the orange ₱20 bill is the lowest denomination among banknotes. The central bank previously converted the brown ₱10 bills into coins.