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, the reason why some people are hammering them out and casting them into "gold" rings.
I chanced upon a man selling some of these "gold" rings. He also presented the remains of a ten piso coin and claimed two coins are melted to create one ring. He was selling the ring for 100 pesos.
So is there gold in the current 10 peso coin?
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 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.
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.