LOOK: Here are the new ₱5, ₱20 coins

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The new ₱20 coin will have a gold-colored outer ring and a silver core and will also be the biggest in size.

Metro Manila (CNN Philippines, December 17) — Pockets and wallets are bound to be heavier with another coin to be used for daily transactions soon.

The Bangko Sentral ng Pilipinas (BSP) on Tuesday revealed the coin version of the ₱20 bill, which will be rolled out for circulation starting the first quarter of 2020.

The new ₱20 coin will have a gold-colored outer ring and a silver core and will also be the biggest in size.

The new set of Philippine coins

The coins would still carry the face of former President Manuel Quezon, the second President of the Philippines who led the country during American occupation from 1935 to 1944. On the reverse, the BSP logo, the nilad flower, and the facade of Malacañang — the Presidential residence — can be seen.

An initial 500,000 pieces will be released in time for Christmas, BSP Senior Assistant Governor for the Currency Management Sector Dahlia Luna said in a media briefing — in time for the traditional aguinaldo or cash gift-giving.

The BSP first revealed plans to convert the orange ₱20 bill into a coin back in July. Governor Benjamin Diokno said the move came from a study conducted by the University of the Philippines, which recommended the shift from paper to metal coins for durability.

The ₱20 bills are easily spoiled and is the fastest to be returned to the BSP for replacement, being the most used denomination. Producing coins are said to be more costly — ₱10 versus ₱2 apiece for bills, but coins last longer.

Currently, the ₱20 bill is the lowest denomination among banknotes. The central bank previously converted the brown ₱10 bills into coins. Luna said this banknote will only be printed until 2021 and will eventually be removed from circulation as the coins are used.

'Enhanced' ₱5 coins

Meanwhile, the central bank also revealed the updated look for the ₱5 coin to make it distinct from other values.

Luna said the new ₱5 coin will have nine sides to make it easier to set apart, but will remain silver in color. Two million pieces of the upgraded ₱5 coin will be released as early as Thursdayay, she added.

The central bank released the New Generation Currency coin series in March 2018 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.

Change is coming: Do we really need new coins?

These 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 as they look very similar in terms of size and color.

The central bank has the sole power to print and circulate cash used in the Philippines, which is all done at the BSP’s Security Plant Complex along East Avenue in Quezon City. The facility is set to be transferred to the New Clark City in Capas, Tarlac.

CNN Philippines' Sandra Zialcita contributed to this report.