Proposal for Scrapping Lowly Coins Denied

Philippine current low denomination coins Scrapping coins whose values fall below one peso would be impractical for the Philippine government and unfair to consumers, a government official said on Thursday.The government will also be unable to switch to a purely paper currency system because paper “has a shorter lifespan," the official who refused to be identified told GMANews.TV.The official was prompted to issue this statement after Representative Roilo Golez filed a resolution urging the House Committee on Banks and Financial Intermediaries to conduct an inquiry regarding the “practicability of retiring and demonetizing the centavo as a Philippine...

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The 1972 Marcelo H. Del Pilar 50 Centavos Trial Piece in Copper

The 1972 Marcelo H. De Pilar Trial Strike in CopperDuring the introduction of the new coins and the second term of then president Ferdinand Marcos in 1966, several pattern coins were created by then prominent medal designer and a former member of the Philippine Numismatic & Antiquarian Society (PNAS), Jose Tupaz Jr. Among the known varieties by Jose Tupaz, Jr. were coins which featured the first couple heads, the former president, the pope & the former president, and the national hero Juan Luna, which surprisingly, was the only hero included in the project. The patterns were later refined and the official coin set was released in 1967,...

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Oil & Gas In A Special Coin

The Malampaya Commemorative CoinThe Malampaya Gas production rig located near Palawan is the of the country’s pride in energy independence. Brought by the surging cost in oil importation, refining, and distribution, several exploration attempts in the early 80’s and late 70’s confirmed that the nation has a potential source of natural gas and oil.A study undertaken by University of the Philippines Professor Dante B. Canlas, the former chief of the National Economic and Development Authority (NEDA). Using natural gas royalties would cut power costs which may stimulate economic growth since it will make local industries more competitive.The Electric...

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Gold, Platinum Drop on Concern Recession May Lessen Demand on Metal

Gold futures fell on speculation a global recession will damp demand for precious metals and other raw materials. Platinum and silver also declined. Equities in Asia, Europe and the U.S. fell today. More than $28 trillion in value has been erased from global equity markets this year as banks have posted more than $920 billion in credit losses and writedowns. The Reuters/Jefferies CRB Index of 19 raw materials is down by almost a third this year. ``We're back to focusing on the recession,'' said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. ``You're seeing a bear market in everything....

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High-grade gold, silver found in S. Cotabato

A Canadian mining exploration company has found high-grade gold and silver deposits at a mining site in T’boli, South Cotabato.Cadan Resources Corp., which operates the Tboli gold-silver project through Philippine affiliate Tribal Mining Corp., said the mine site might contain 584,000 tons of mineral deposits with 10.2 grams of gold and 50 grams of silver per ton.In September, the company estimated mineral resources at the site at 420,000 ounces of gold and 1.6 million ounces of silver. It pegged the grade at 5.5 grams of gold and 21 grams of silver per ton."The latest higher grade results continue to indicate that the Tboli gold-silver resource...

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"Pondo Ng Pinoy" May Cause Coin Shortage

Philippine Low Denomination coinsFearing a coin shortage caused by his pet project, Manila archbishop Gaudencio Cardinal Rosales asked priests in his archdiocese to remit quickly the 25-centavo coins they collected.In a memorandum, Rosales said he received word from the Bangko Sentral ng Pilipinas his "Pondo ng Pinoy" project may cause a shortage of 25-centavo coins."I was told by somebody from Bangko Sentral that the Pondo ng Pinoy project was doing a disservice to the communities because parish priests were keeping the coins longer than necessary," he said in his memorandum, excerpts of which were posted on the Catholic Bishops Conference of...

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BSP Issued Advisory Against Illegal Used Of Coins

The Bangko Sentral ng Pilipinas (BSP) requests the support of the public in reporting persons who are involved in defacing/mutilating or smuggling Philippine coins. Both are criminal acts punishable by law under Presidential Decree 247 and BSP Circular 98, Series of 1995 in relation to Section 2530 (f) of the Tariff and Customs Code of the Philippines, as amended. The BSP also warns the public against persons claiming that the central bank “buys” certain coin denominations higher than their face value. There is no truth to this information. The BSP is the sole issuer of currency in the Philippines. It mints and circulates coins in accordance...

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Bullion Report: Gold Parties Instead Of Tupperware Parties

On a quiet, tree-lined street in this upscale Chicago suburb, a gaggle of women noshed and drank wine as they waited their turn to have their once-fashionable gold rope chains and unmatched earrings scrutinized under a magnification loupe, poked at by a gold tester and even put through an acid test. Say good-bye to Tupperware and hello to gold.This was a gold party, and some of the women walked away with wads of cash in exchange for what they considered junk, unlike other neighborhood parties where they write out checks for plastic salad spinners or skincare and cosmetics. Debbie Johnson was handed $1,600 after she turned in broken gold chains, earrings without pairs and the wedding bands from a marriage gone sour more than two decades ago. ...

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Harvard's Ferguson Praises `Ascent of Money' as Markets Plunge

Niall Ferguson, a canny chronicler of financial history, knows a thing or two about market timing. Sellers have sliced more than $10 trillion off global stock- market value this month, the U.S. is mired in its worst housing crisis since the Great Depression, and hedgehog Andrew Lahde has shut his fund, telling investors, ``Goodbye and good luck.'' So what does Ferguson do? He publishes ``The Ascent of Money,'' an upbeat account of finance from Mesopotamia to McMansion. His thesis: ``Money is the root of most progress.'' After that windup, you might expect me to trash his book. Alas, I can't. Ferguson,...

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Banknote Errors Part 2: Mismatched, Miscut, and Asterisk in One!

An Error 5 Pesos Ang Bagong Lipunan Series (Marcos - Laya signed)This site has featured some of the best Philippine banknote errors in the past few months. Due to the ongoing economic crisis in the United States, some local dealers have decided to unload their collections to raise cash. In the past few months, we have otherwise seen some of the best error notes and rarities that have came out and might be the first time that the public has been made aware of existed.Collecting error notes is much tougher than coins, since error notes are rarer and harder to find in best condition. One of the best error notes that have been acquired recently...

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Philippine Bullion Report: Demand in Gold and Silver Coins up

The "doom and gloom" predictions of many respected economic analysts caused a surge in demand for bullion coins. Even though the precious metal futures show that the figure is fluctuating. Some mints have already suspended selling their inventories, including the bullion coins from the United States.Basically, bullion coins have been proven effective as a street smart safe haven investment against inflation. The collapse of some of the bright economies around the globe triggered a panic buying that some people have already diverted their cash to solid investments such as bullion coins.Meanwhile in Europe, retirees instead of waiting for...

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Austria witnesses New Gold Rush

Austrian Philharmonic Gold CoinsThe financial crisis is prompting people to look for safer forms of investment than stocks and shares.The interest in gold coins is so great that many of the world's major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic - one of the best-selling bullion coins worldwide. Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year. Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive. "We are running at present something like three shifts on all of the machines, on the presses, producing...

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Gold Glitters for Small-scale Miners

The glitter of gold is driving Benguet’s small-scale miners into the bowels of the earth. And as long as the rocks glow with ore, the miners will be there, working on the dark, dank and dangerous tunnels, with their chisels and hammers. Not even the recent death of six miners, who were trapped along with 10 others inside an abandoned tunnel in Itogon town, will slow down the miners. It is their lifeblood, according to officials of the Benguet Federation of Small-Scale Miners (BFSSM), who say that the province now has more than 20,000 small-scale miners spread in tunnels in eight of 13 towns – Itogon, Tuba, Mankayan, Tublay, Kabayan, Bokod, Atok...

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Unexplainable Error, Explained Part 2: Triple Date & Triple Denomination

1, 5, and 10 centavos (Triple Denomination & Triple Dated)I already featured a unique 10 centavos ERROR in a previous article on this site. It’s a combination of impossible sequence of error that a simple explanation cannot be satisfied by the coin itself. On this issue, the same kind of sequence of errors again appeared in the 5-centavos denomination. It appears that the coin was first struck in 1966 and then the following year of 1967. Surprisingly, the coin was struck using only both reverses, the first one came from the regular issue from the last REPUBLIC coin dating 1966, and the second one from the 1967 of the first PILIPINO series.Yet...

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The 1910 S Ten Centavos: Truth or Dare!

The 1910 San Francisco Mint Ten CentavosIt had been more than two decades since the 1910 San Francisco Mint Ten Centavos was published that if somebody would have found it, the collector would have paid a great sum to have the fabled coin. The 1910 S is one of the famous numismatic pieces that had a very colorful background. Almost a century and there is still no confirmed and graded specimen had ever surfaced except for those 1918 S that were with altered dates to look like the 1910 S. Luckily, I was able to meet the person who claimed that he possesses the most intriguing coin in Philippine numismatic history. He don’t want to tell his...

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The Flora and Fauna Patterns, Errors, and Trial Strikes Part 2

1994 Fifty Centavos (Small Flora And Fauna) Struck In BronzeHere is another fifty centavos of the same denomination which just like its bigger version is also being suspected as a trial piece or a pattern since there were no bronze planchets produced for Philippine coins during that time. The governments intention of reducing the production or minting cost of coins and at the same time reduced the metal content of coins resulted to the smaller version of the Flora and Fauna series. The designs were similar only that the newer twenty-five centavos and fifty centavos have reeded edges and of course the color of the fifty centavos planchets were...

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Collecting Coin is Fun?

When I started out collecting coins, most people thought that I had a weird hobby. Since, I always spent a portion of my allowance on coins, my parents would even think that I was wasting my time and coin collecting was detrimental. I was aware that I was the only one even in my class who has such passion for coins but i really don't know what made me kept happy whenever I add a piece of penny or a couple of change found from a "balikbayan" neighbors "pasalubong" to my collection. I felt excited whenever I visit a local coin shop or an antique shop to glance at some of the displays and always told myself that I would buy one in the future after i had asked the owner how much the price of that piece would be. I stopped collecting coins for a while when I reached college. The schedule...

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