A P500 coin several Facebook posts falsely claim has replaced the existing P500 banknote is a commemorative coin released by the Bangko Sentral ng Pilipinas in January 2020 and is not for general circulation.
A photo of the supposed new P500 coin was posted by, among others, Mamhaii Olinz on Nov. 3 who paired it with the caption:
Naku po! Ang 500 na buong papel…naging coins na (Oh no! The 500 banknote…has turned into coins already)
Some netizens fell for the post, criticizing the BSP for devaluing the Philippine currency by issuing the coin. Others who tried debunking the claim were not taken seriously.
A Google image reverse search reveals that the photo came from a screenshot of a TikTok video by Rodel Jayao uploaded on Dec. 12, 2023 showing details of the coin. Jayao did not say the coin would replace the banknote.
A similar Facebook post was made that same day by Honey Gemini.
Other Facebook posts with the same claim were published this year by the accounts Joana Jane on Jan. 13 and Mellifluous on Oct. 4.
The P500 silver coin featuring the BSP building on one side and the outline of the head of the Philippine eagle on the other was among the BSP’s anniversary commemorative coins, the release of which was announced on Jan. 9, 2020 through the bank’s Facebook page. It was minted to celebrate 70 years of central banking in the country.
BSP has not issued any pubic advisory this year about an upcoming coin series with denominations larger than the P20 coin from the “New Generation Currency Coin Series.”
The central bank defines legal tender as all currencies it officially produces, including commemorative banknotes and coins made “to celebrate or recognize the significance of a person, place and event in Philippine history.”
Commemorative coins, in particular, exceed their face value due to the valuable materials used in minting like gold and silver. The BSP notes that it is “extraordinary and more expensive.”
They are taken out of general circulation as it would only further confuse people of its real value opposed to its face value.
The silver P500 coin for BSP’s 70th anniversary is still being sold for P3,500 each on BSP’s official website.
Mamhaii Olinz’s post has garnered 11,820 reactions, 2,871 comments and 5,590 shares, as of writing. The page, which has 357 likes and 16,055 followers, was originally named Olinz Lakwatsera when it was created on May 3. It changed its name on Oct. 26. (AC)