BSP *Finally* Launched a New 5-Peso Coin; Here’s What You Should Know
Mar 1, 2023 • Meryl Medel
Picture this: you’re buying your lunch at the convenience store near your workplace, and the store clerk hands over two 5-peso coins. You’re about to put them in your wallet, but something stops you: they seem different because one has smooth round edges, while the other has nonagonal scalloped edges. In case you’re wondering why…
Why are there two types of 5-peso coins?
In 2018, the Bangko Sentral ng Pilipinas (BSP) started circulating what is know as the New Generation Currency coin series to replace the older coins. These new coins feature an all-silver design for the 1-centavo, 5-centavo, 25-centavo, 1-peso, 5-peso, and 10-peso coins.
Most of the coins differ in sizes (centavos vs peso), and each coin also features However, consumers have raised complaints about the difficulty in distinguishing between the 1-peso and 5-peso coins. In the early days of its release, people were confused between 1-peso and 5-peso — so much so that the BSP even had to provide guidelines on how to differentiate the 5-peso from the 1-peso coin.
Do they have the same value?
Short answer: YES. Despite the physical differences, they have the same value, which is 5 pesos.
What will happen to the other 5-peso coin design?
At the moment, both designs are in circulation and are acceptable in any transaction. But the rounder 5-peso coin design may eventually be replaced, albeit slowly.
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