Bangko Sentral ng Pilipinas (BSP) already released the new Philippine 20 peso coin design, Tuesday, December 17.
The Philippine twenty-peso coin (₱20) is an upcoming denomination coin of the Philippine peso. This coin will be the highest coin denomination in the country.
In July 2019, the Bangko Sentral ng Pilipinas (BSP) announced that the 20 peso note would be changed into a coin due to the overuse of the banknote. It said each note only lasts a year in circulation, whereas the new 20 peso coin would last for 10 to 15 years, even if it costs more to manufacture.
“As such, the issuance of a coin in lieu of a banknote is more cost-efficient in terms of currency production in the long run,” the BSP said.
New Philippine 20 peso coin design
The decision is based on research by the University of the Philippines. The coin was planned to be released in late 2019 or early 2020.
“The changes were based on studies on the design, security features, and specifications of the new coins,” the BSP added.
The P20 coin retained the image of Manuel L. Quezon and was slightly bigger than the ten-peso coin. It is also two-toned like the P10 coin.
Converting the P20 from paper bill to a coin gathered mixed reactions from Filipinos.
Many felt sad, especially the godparents who would usually give out crisp P20 bills for their godchildren during the Christmas season. They said it feels the money’s value goes down if they became coins.
The coins could also confuse the elderly and the blind who rely on feeling the money to know its value.