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Beware of ‘Brilliant Uncirculated’ 20-Piso Coin Sold Online, BSP Warns

BSP – The Bangko Sentral ng Pilipinas (BSP) reminds the public to beware of online sellers advertising ‘brilliant uncirculated’ P20 coins for sale.

The BSP has the exclusive power and authority to release notes and coins for circulation in the country. They recently issued enhanced coins and notes that are more responsive to the needs of the visually impaired and elderly.

In 2018, they launched the New Generation Currency (NGC) coin series that features native flora and historical figures. Based on their website, BSP used laser engraving technology in their 20, 10, and 5 piso coins. The new coins are difficult to duplicate.

BSP
Photo Source: Business Mirror

The New Generation Currency also prevents illegal practice of hoarding large quantities of these coins. On Wednesday, the BSP warned the public against online sellers who advertises supposed “brilliant uncirculated P20 coins.”

The central bank released the new P20 NGC to the public last December 2019 which is a legal tender and can be used for transactions.

“The BSP advises the public that it has not issued Brilliant Uncirculated 20-Piso coins. The BSP reminds the public to beware of online sellers advertising Brilliant Uncirculated 20-Piso coins for sale,” it said.

BSP-20coin
Photo Source: ABS-CBN News

Based on a report from GMA News, as of end-August, there are currently 2.09M pieces of in circulation.

BSP-coins-FB
Photo Source: Business World

In a previous article, Bangko Sentral Ng Pilipinas warned about donation scams for coronavirus relief. They urged people who like to shop online not to click malicious links leading them to phishing sites.

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READ ALSO: Bangko Sentral Ng Pilipinas Belies Reports of P1,000 Bill w/ Misspelled President Duterte’s Middle Name

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