Gold in 10-Peso Philippine Coin

The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established on 3 January 1949, as the country’s central monetary authority. The BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities.

The new BSP logo is a perfect round shape in blue that features three gold stars and a stylized
Philippine eagle rendered in white strokes. These main elements are framed on the left side with the text inscription “Bangko Sentral ng Pilipinas” underscored by a gold line drawn in half circle. The right side remains open, signifying freedom, openness, and readiness of the BSP, as represented by the Philippine eagle, to soar and fly toward its goal. Putting all these elements together is a solid blue background to signify stability.

According to research, if you’ll read everything about the history of our coinage, we have used Gold as a medium of exchange in as early as Pre-Colonial Era.

The trade the pre-colonial tribes of what is now the Philippines did among themselves with its many types of pre-Hispanic kingdoms (kedatuans, rajahnates, huangdoms, lakanates and sultanates) and with traders from the neighboring islands was conducted through barter. The inconvenience of barter however later led to the use of some objects as a medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos, small bead-like gold bits considered by the local numismatists as the earliest coin of the ancient peoples of the Philippines, and gold barter rings.

However, word has been spreading that the current 10-peso coin bearing the 2000 and 2001 year mark contains gold. Specifically, the inner disc of the coin is said to be worth between 10 to 14 karats. This is the mere reason why some people are hammering them out and casting them into "gold" rings.

There was a man in Quiapo area vending rings which he claims made from Philippine old coins, though he didn’t claim that he had any idea whatsoever about the gold contents of a 10-peso coin.

So, we have to ask the great question. Is there gold in the current 10-peso coin?

Well, personally, I don't think so. According to the Bangko Sentral ng Pilipinas, the inner disc of the coin is made of an aluminum-bronze alloy (92% copper, 6% aluminum, 2% nickel).

The Philippine ten-peso coin (₱10) is the largest-denomination coin of the Philippine Peso. It is also the nation's only circulating bimetallic coin.

The coin is made of two alloys: the inner part of nickel aluminum bronze, the outer part of copper-nickel. It has been used since 2000. First, it circulated in tandem with the banknote of the same denomination, until the ten-peso note was demonetized in 2002.

The coins are composed of two alloys. The inner circle (plug) is composed of two layers aluminum bronze and the outer ring of copper-nickel giving them a two colour (silver outer and gold inner) appearance. The diameter of the coins is 26.5 mm and a mass of 8.7 grams. The coins' edges have interrupted serration. The obverse features the profiles of Andres Bonifacio and Apolinario Mabini, heroes during the Philippine Revolution. Both men were also featured in the second version of the New design series ten-peso bill that was first released in 1997.

On July 10, 2001, BSP issued the 10-piso coin for general circulation to commemorate its 8th year anniversary. It has the profiles of Andres Bonifacio and Apolinario Mabini in a con-joint or in tandem manner on the obverse side. The reverse side bears the seal of the Bangko Sentral ng Pilipinas which is consistent with the common reverse design of the other six denominations. This has been an additional denomination to the current coin circulation and a replacement for the 10-piso New Design Series banknote.

The Bangko Sentral ng Pilipinas could not be senseless to put gold into millions of coins with a face value of only 10 pesos. It might look like gold, but it isn't necessarily gold. The BSP states firmly that its composition is aluminum-bronze and copper-nickel. You don’t have to hammer out the core trying to look for gold. It is so dangerous not to mention, illegal.

Hammering out the core of the 10 peso coins is a violation of Article 164 of the Revised Penal Code (An Act Prohibiting and Penalizing Defacement, Mutilation, Tearing, Burning or Destruction of Central Bank Notes and Coins). Selling of these mutilated coins is a violation of Article 165.

Art. 164. Mutilation of coins; Importation and utterance of mutilated coins. — The penalty of prision correccional in its minimum period and a fine not to exceed P2,000 pesos shall be imposed upon any person who shall mutilate coins of the legal currency of the United States or of the Philippine Islands or import or utter mutilated current coins, or in connivance with mutilators or importers.

Art. 165. Selling of false or mutilated coin, without connivance. — The person who knowingly, although without the connivance mentioned in the preceding articles, shall possess false or mutilated coin with intent to utter the same, or shall actually utter such coin, shall suffer a penalty lower by one degree than that prescribed in said articles.

Our coins sometimes are as shiny as Gold that some people were convinced that it somehow contains Gold. Well, I’m no expert in Gold to further comment about that but, the article is clear, it has no Gold content and it will certainly not in the near future as it will make its extrinsic value more expensive than before.

However, if you want to invest in Gold, the BSP is selling Gold thru its Gold Buying Program.


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