The Bangko Sentral ng Pilipinas in 2020 issued P500 coins with an eagle design as part of its set of commemorative currency. It did not release any such coins recently for circulation.
A Dec. 12 post on Facebook, however, featured a photo of the coin, miscaptioning it:
New 500 Peso Coin
The BSP’s list of public advisories starting from 2020 does not contain any information about upcoming new coins aside from its latest coin series “New Generation Currency,” which includes the new P20 coin and silver P5 and P10 coins.
The BSP announced in January 2020 the sale of the coin shown in the misleading Facebook post alongside a P10,000 coin also bearing an eagle design to celebrate 70 years of central banking in the country and the BSP’s 25th anniversary.
Two designs featuring a Philippine Eagle were made for the P500 coin for each celebration.
The BSP has the sole power and authority to issue money, including limited, legal-tender commemorative coins that are minted “to celebrate or recognize the significance of a person, place and event in Philippine history.”
Other P500 commemorative coins were previously created to honor national heroes like Andres Bonifacio, Emilio Aguinaldo and Jose Rizal.
According to the BSP, most commemorative coins are made out of precious metals like silver or gold, making them “extraordinary and more expensive.”
In the case of the P500 commemorative coins, both designs were minted from silver and sold for P3,500 apiece. The gold P10,000 coin was sold for P127,500.
This also explains why commemorative coins are considered “noncirculation” despite being legal tender. They can be spent, but it would be impractical to do so as their real value is higher than their face value.
Both coins are no longer for sale on BSP’s website.
As of writing, the Facebook post has garnered more than 127,000 shares, 2,600 comments and 22,000 reactions. (KC)