A recent study has shown that viruses such as that causing the new coronavirus disease (COVID-19) can survive on plastic for three days, two days on stainless steel, cardboard for 24 hours, and copper for four hours. There is no direct study on banknotes but this SARS-CoV-2 is apparently nasty when it comes to surviving on surfaces. Banks in China were aware of this early on such that they were sterilizing banknotes through ultraviolet (UV) and heat treatments and subjecting them to "quarantine" for seven to 14 days before releasing them.
Banknotes and cons are potentially underestimated vectors for viruses, not to mention fungi and bacteria, because they are thoughtlessly circulated quickly across communities and beyond lockdown borders. So how can we sanitize money that we bring into our household?
COINS are easy to sanitize. Soak them in water with soap or detergent, rub their surfaces a bit, and you are done. Soap and detergents are designed to burst the structure of viruses and wash them away in pieces.
BANKNOTES are more tricky but the surest way is still washing them in soap or detergent. Polymer notes may be rubbed down like coins but absorbent banknotes made of paper, cotton, and other fabric will need to be soaked for a few minutes. They are designed to survive this unusual treatment but drying them will take some time. Alternatively, ironing non-polymer banknotes in high heat subjects them to surfaces in excess of 200°C and should kill viruses with a few seconds of pressing. Do not iron polymer notes as high heat can damage them.
Finally, whenever possible, use contactless payments.
Showing posts with label trivia. Show all posts
Showing posts with label trivia. Show all posts
New color of 100 peso bill
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| Top: Original colors of 100 peso banknote. Bottom: New banknote with light purple (mauve) color. |
Last month the Bangko Sentral ng Pilipinas started issuing new 100 beso bills with a pale purple (mauve) color. This was to address complaints that the 100 peso notes looked very similar to the 1000 peso bills.
500 Peso Ferdinand Marcos Banknote (Unissued)
1985 Unissued Marcos 500 Piso
photo from pinoynotes.hostoi.com
Front: Ferdinand E. Marcos, Republika ng Pilipinas
Back: San Juanico Bridge, Angat Dam, Batasan Complex, Limandaang Piso
This banknote was supposed to be issued along with the rest of the New Design Series in 1985. However due to political circumstances, this design was never released into circulation. The banknote's designer Romi MananQuil narrates the story in his website:
The 500-peso Marcos bill was slated for production in late 1985. However, when a snap election was scheduled. The circulation of the newly printed bills was put on hold in deference to the law against electioneering as Marcos, whose image appeared on the new bank note was the incumbent running against Corazon Aquino. My 500-peso Marcos bill was never circulated and with the events that proceeded: the snap elections, the disputed victory of Marcos, the success of People’s Power in February 1986 and the instatement of Aquino as President, it perhaps seemed fitting that any vestiges of the overthrown government were thrown off. President Corazon Aquino soon ordered the redesign of the bill to honour her husband, Senator Benigno “Ninoy” Aquino whose 1983 slaying became the catalyst for change and the new democracy’s rallying cry for the overthrow of Marcos. Though I was once again tasked with the redesign of the bill, my family’s move to Canda prevented me from taking on the assignment.
The Color of Money & The History of the Philippine Piso
The Color of Money
The color of money runs deeper than the obvious. With one look our money is green or red, violent, orange, yellow, or blue. As we look closer it changes into many different shades as painted by the countless stories it has become a part of. Our history, heroes, values, our daily life, the pursuit of happiness, and dreams fulfilled. Indeed the color of our money is the story - the pulse of our people. And as we evolve as a people, so does the color of our money.
The History of the Philippine Peso
The Filipinos first used paper currency in the mid 19th century while under Spanish rule.
With the establishment of the Central Bank of the Philippines in 1949, great Filipinos appeared for the first time on our banknotes, the English Series.
As our country progressed, our money continued its transformation. This time, it highlighted design elements that affirmed our independence.
In the 1960's, the english words on the notes were translated into the national language. Called the Pilipino series, the banknotes featured key events and places in our history.
In the 1970's, to echo the government's new society program, the phrase "Ang Bagong Lipunan" was stamped on the new bills. Our banknotes began to be printed in the newly built Security Plant Complex of the Central Bank.
The New Design Series was launched after the People Power REvolution in 1986. This included the 500-Piso banknote with the image of Senator Benigno Aquino, Jr. and the 1000-piso which featured three Filipino wartime heroes.
When the Bangko Sentral ng Pilipinas was created in 1993 as the country's central monetary authority, its new logo was incorporated in all the banknote denominations.
By the new millenium, the security features of the banknotes have been enhanced and the type of banknote paper upgraded with a shift from cotton linen to cotton with Philippine Abaca.
500 Peso Spoof - Ninoy Aquino Smiles!
Merry Christmas!
As we commemorate the day of Jesus' birth, philmoney.blogspot.com would like to extend its wishes of joy to everyone.Let us not spare Ninoy Aquino on the 500 peso banknote. His worried composure has no place in this time of rejoicing. Even the stars blink with joy!
(larger animated version)
Share the joy with your friends! Email this to them.
Fluorescent Marks - New Generation Currency
Fluorescent marks are the invisible phosphor dyes on banknotes that glow under UV or blacklight. Fluorescent prints are among the security features used in currency to deter counterfeiting (although counterfeiters are already able to imitate them). These are what cashiers look for when they hold down a banknote under a "counterfeit detector" which is actually a small black light.
These marks are not new, in fact we have previously written about fluorescent printing. However the New Generation Currency have interesting fluorescent marks that are worth another feature.
Bonus trivia! Did you know Philippine passports conceal intricate and beautiful fluorescent marks, many of which are also found on Philippine Banknotes? Among them are Malacanang Palace, Mayon Volcano, Chocolate Hills, Barasoain Church, Sampaguita, and Sarao Jeepney.
These marks are not new, in fact we have previously written about fluorescent printing. However the New Generation Currency have interesting fluorescent marks that are worth another feature.
[photos and details removed per request of BSP]
Bonus trivia! Did you know Philippine passports conceal intricate and beautiful fluorescent marks, many of which are also found on Philippine Banknotes? Among them are Malacanang Palace, Mayon Volcano, Chocolate Hills, Barasoain Church, Sampaguita, and Sarao Jeepney.
Antibacterial Banknotes
It’s not hard to imagine just how dirty banknotes are. They are exchanged from one dirty hand to another, get dirty wet in markets, fall on dirty soil, and come in contact with other dirty money. We fold them, crease them, roll them, crumple them, even split them in half, thus wearing out their structure and providing more attachment surface for bacteria and fungi. No matter how dirty they become, we never throw them away nor even attempt to disinfect them with Lysol or alcohol. We just keep using them and they get dirtier and dirtier. It will not be surprising if someone can prove that banknotes are significant mediums for the spread of contagious diseases among people. Someone even said that banknotes should carry a government health warning.
It is good to know that the New Generation Currency of the Philippines is printed with Bioguard technology by Arjowiggins. Bioguard produces banknotes that are treated to prevent bacteria from multiplying. The anti-bacterial property has been tested to resist washing and will last throughout the lifetime of the banknote.
Here is a screenshot from their slideshow showing the difference between treated and untreated paper 24 hours after inoculation with E. coli bacteria.
How did they do this? They don’t say how, but most likely the banknote paper is treated with metallic ions which are known to have a wide range of antibacterial properties. Most notable among these ions is silver although copper, zinc, and other ions may also have been used. These ions inhibit the growth of bacteria and fungi.
So now, could we rub our hands on our banknotes instead of washing before eating? Maybe not, unless you’re willing to hold the banknote and let your food wait for 24 hours. But still this is a welcome feature to keep our banknotes cleaner and safer for the public.
It is good to know that the New Generation Currency of the Philippines is printed with Bioguard technology by Arjowiggins. Bioguard produces banknotes that are treated to prevent bacteria from multiplying. The anti-bacterial property has been tested to resist washing and will last throughout the lifetime of the banknote.
Here is a screenshot from their slideshow showing the difference between treated and untreated paper 24 hours after inoculation with E. coli bacteria.
How did they do this? They don’t say how, but most likely the banknote paper is treated with metallic ions which are known to have a wide range of antibacterial properties. Most notable among these ions is silver although copper, zinc, and other ions may also have been used. These ions inhibit the growth of bacteria and fungi.
So now, could we rub our hands on our banknotes instead of washing before eating? Maybe not, unless you’re willing to hold the banknote and let your food wait for 24 hours. But still this is a welcome feature to keep our banknotes cleaner and safer for the public.
Trivia: How many soldiers on 50 peso bill?
While the fifty peso banknote from the New Design Series (NDS) is still in wide circulation, let's challenge ourselves to a little trivia:How many soldiers can you spot on the obverse (front) of the 50 peso bill (NDS)?
(clue: there are more than 0 of them)
How Philippine Banknotes are Printed
This is a very informative video from the Bangko Sentral ng Pilipinas (BSP) that shows how our banknotes are printed. It also explains why with BSPs ability to print money, they don't just print more money.
video source
Thorough planning and deliberation starts the process of making money available to the public. First, the Bangko Sentral's Department of Economic Research determines currency demand based on the expected price movement as well as the growth of population and the economy.
After this, the Cash Department places the order with the Security Plant Complex which in turn procures the materials needed to produce and print the banknotes. When the designs of banknotes are changed, final approval by the President of the Republic is required.
From the approved design, a prototype banknote is prepared. The banknote image is then etched on a master dye from which printing plates are produced. Meanwhile, ink experts mix the exact colors of the money.
With the ink and plates ready, printing begins on special security paper that is composed of 80% cotton and 20% Philippine abaca. This combination gives it a distinctive texture that sets it apart from ordinary paper.
The sheets of banknote paper go through offset printing where 15 to 20 colors of the design are printed at a time. Next, the paper goes through the inaglio printing process which gives the money its embossed look and feel. Raised ink from intaglio printing requires drying for several days.
After this, the banknote sheets are submitted for a series of inspections. The serial numbers are then printed on each banknote which are again subjected to thorough inspection. The sheets are then cut and packed into bundles of 1,000 pieces each.
These are now delivered by the Security Plant to the Currency Management Group from where banks exchange or withdraw their currency requirements. From the banks, the banknotes finally find their way to the economy and our wallets.
video source
Thorough planning and deliberation starts the process of making money available to the public. First, the Bangko Sentral's Department of Economic Research determines currency demand based on the expected price movement as well as the growth of population and the economy.
After this, the Cash Department places the order with the Security Plant Complex which in turn procures the materials needed to produce and print the banknotes. When the designs of banknotes are changed, final approval by the President of the Republic is required.
From the approved design, a prototype banknote is prepared. The banknote image is then etched on a master dye from which printing plates are produced. Meanwhile, ink experts mix the exact colors of the money.
With the ink and plates ready, printing begins on special security paper that is composed of 80% cotton and 20% Philippine abaca. This combination gives it a distinctive texture that sets it apart from ordinary paper.
The sheets of banknote paper go through offset printing where 15 to 20 colors of the design are printed at a time. Next, the paper goes through the inaglio printing process which gives the money its embossed look and feel. Raised ink from intaglio printing requires drying for several days.
After this, the banknote sheets are submitted for a series of inspections. The serial numbers are then printed on each banknote which are again subjected to thorough inspection. The sheets are then cut and packed into bundles of 1,000 pieces each.
These are now delivered by the Security Plant to the Currency Management Group from where banks exchange or withdraw their currency requirements. From the banks, the banknotes finally find their way to the economy and our wallets.
Indonesian Island in New Philippine Banknotes
I just got hold of my very own New Generation Currency Banknotes. As author of this blog, it is a shame it took me this long to get my hands on them. However, as I had my chance to actually scrutinize them in much detail, I spotted a weird island on the map on the reverse side, south of Mindanao. I found from Google Earth that the island is actually a depiction of the northern portion of Pulau Karakelong of Indonesia! Now how can BSP miss Batanes and include an Indonesian Island? (Sorry BSP for pointing this out.)The shape of the island on the banknote design is unmistakably that of Pulau Karakelong even if whoever traced the shape of the island actually included only the northern portion. Compare the enhanced inset in the illustration above to the one on the banknote.
The island appears on both the 20 and 50 peso bills which I actually have but I'm sure it also appears on the rest of the denominations.
Looking at the illustration above, the 50 peso bill especially, the banknote design could have been better (and politically correct) had the island been excluded. Now I'm wondering if the Bangko Sentral's reason for excluding Batanes was actually an excuse.
Measuring the weight of a banknote
I've been pondering what it would be like to pay 1 billion pesos in cash in the form of banknotes. How heavy is 1 billion Philippine pesos? Can I simply carry this around in a briefcase or will I need a wheelbarrow or maybe a forklift?
First, let's find out how heavy just one banknote is. I had a new uncirculated 50 peso bill in my bag so I folded it and weighed it on an analytical balance at school.
That's 0.9265 grams for a crisp banknote. When I tried a worn out 50 peso bill, it registered heavier at 1.0643 grams. That's understandable since a worn out banknote has more dirt and other foreign material on it. It also absorbs moisture more easily.
Then a friend lent me his uncirculated 500 peso bill so we both checked to see if a different denomination will weight differently.
It turns out the 500-peso banknote, at 0.9672 grams, is heavier than the 50-peso banknote by 0.0407 grams. Since the two crisp bills are exactly the same size, we can infer that the extra weight on the 500 peso banknote is due to the metallic windowed security thread which surely adds up to its weight. The 50 peso bill doesn't have this. Additionally, the 500-peso bill also has more ink printed on it given its more intricate design compared to the 50-peso bill.
So now we know the weight of a banknote will depend on its denomination and whether it is new or worn out. But for the sake of convenience, since a new banknote weighs just under 1 g and an old one just over 1 g, it is very safe to assume that a piece of banknote weighs 1 gram.
Now, how heavy is 1 billion pesos?
If 1 banknote weighs 1 gram, a standard bundle of 100 one thousand peso bills (100,000 PHP) will weigh 100 grams. A million will then be 1 kilogram - easily fits in your bag! But a billion? That will be 1,000 kilograms or one metric ton of 1000-peso bills! That's equivalent to the weight of 20 sacks of rice! You will need a forklift for that.
Lastly, consider that the Bangko Sentral ng Pilipinas (BSP) admits there is currently a shortage of 1000-peso bills, so your 1 billion pesos in cash will most likely be composed of 500-peso bills and weigh 2 metric tons.
Next time, we will imagine together how this 1 billion pesos in cash would look like. Or maybe a trillion?
First, let's find out how heavy just one banknote is. I had a new uncirculated 50 peso bill in my bag so I folded it and weighed it on an analytical balance at school.
That's 0.9265 grams for a crisp banknote. When I tried a worn out 50 peso bill, it registered heavier at 1.0643 grams. That's understandable since a worn out banknote has more dirt and other foreign material on it. It also absorbs moisture more easily.
Then a friend lent me his uncirculated 500 peso bill so we both checked to see if a different denomination will weight differently.
It turns out the 500-peso banknote, at 0.9672 grams, is heavier than the 50-peso banknote by 0.0407 grams. Since the two crisp bills are exactly the same size, we can infer that the extra weight on the 500 peso banknote is due to the metallic windowed security thread which surely adds up to its weight. The 50 peso bill doesn't have this. Additionally, the 500-peso bill also has more ink printed on it given its more intricate design compared to the 50-peso bill.So now we know the weight of a banknote will depend on its denomination and whether it is new or worn out. But for the sake of convenience, since a new banknote weighs just under 1 g and an old one just over 1 g, it is very safe to assume that a piece of banknote weighs 1 gram.
Now, how heavy is 1 billion pesos?
If 1 banknote weighs 1 gram, a standard bundle of 100 one thousand peso bills (100,000 PHP) will weigh 100 grams. A million will then be 1 kilogram - easily fits in your bag! But a billion? That will be 1,000 kilograms or one metric ton of 1000-peso bills! That's equivalent to the weight of 20 sacks of rice! You will need a forklift for that.
Lastly, consider that the Bangko Sentral ng Pilipinas (BSP) admits there is currently a shortage of 1000-peso bills, so your 1 billion pesos in cash will most likely be composed of 500-peso bills and weigh 2 metric tons.
Next time, we will imagine together how this 1 billion pesos in cash would look like. Or maybe a trillion?
Cory & Ninoy Aquino on 500 Peso Bill?
Why not? They fought for a common cause and gained the respect of Filipinos worldwide. Now, they deserve to be together. Besides, all former Philippine Presidents who passed away (except Marcos and Laurel) have appeared on circulation banknotes. Even current president Arroyo is already in the P200 bill. Above is the artwork by Peace love and revolution placing side by side, Corazon "Cory" Aquino and Benigno "Ninoy" Aquino, Jr. I think this is something that is not far from happening. I just think that since Cory is smiling, Ninoy should also smile like this.
FYI: Cory is already honored in the Philippines' largest denominated coin - the 1992 P10,000 coin - but how many can actually have that or even know it exists?
I was planning to make something like this before Cory will be buried today but when I searched the net, someone already thought of it. And since "Revolution" did such a good job in duplicating the texture and fonts (click on image to enlarge), this one is very much worth our attention.
FYI: Cory is already honored in the Philippines' largest denominated coin - the 1992 P10,000 coin - but how many can actually have that or even know it exists?
I was planning to make something like this before Cory will be buried today but when I searched the net, someone already thought of it. And since "Revolution" did such a good job in duplicating the texture and fonts (click on image to enlarge), this one is very much worth our attention.
Security Features: Embedded Threads
Hold up your paper bills to the light and, depending on the denomination, you will immediately see one or two vertical lines within the banknote. They are there as security features to make it very difficult for counterfeiters to imitate real currency. Likewise, they are there to help you differentiate the counterfeit from the genuine.
Embedded security thread
The embedded security thread is a special thread vertically implanted off center of the note during the manufacture of the banknote paper. This can easily be seen when the note is viewed against the light. It appears as a broken line for 5’s, 10’s and 20’s and straight line for 50’s, 100’s, 200’s , 500’s and 1000’s. Try folding the banknote along this line and you will feel the distinct stiffness of the thread. With some determination, it is also possible to manually remove these threads from the banknotes - but don't do that! It's illegal.
On the photo above, the embedded security thread is the solid vertical line on the left.
Windowed Colorshift with Cleartext Security Thread
This is a 1.4 mm security thread vertically located like “stitches” at the face of the note. It changes in color from magenta to green or green to magenta depending on the angle of view. When viewed against the light, it appears as a single solid line and the corresponding denomination of the banknote will show through. This security feature is only present in the 100s, 500s, and newer 1000-peso bills.
How are banknotes made?
Ever wondered how the paper money we have in our wallets are printed?
Banknote printing is actually a complicated process that requires sophisticated equipment that is usually only available to central banks of issuing countries. In the Philippines, the Bangko Sentral gives us a simple outline of how they do it:
The making of a banknote starts with the conceptualization of design. The concept is drawn by an artist into a prototype banknote. Once the prototype is approved, a master die is prepared from which printing plates are produced. Production then takes place involving the following steps:
Litho Printing. Impressions are printed on a rubber blanket cylinder. These are in turn transferred to the sheets of banknote paper. Both sides of the sheets are printed simultaneously with multi-color or rainbow background prints.
Intaglio Printing. After the background colors are printed, engraved features of the banknote are printed at the intaglio machines, which produce the tactile or embossed effect on the banknotes.
Sheet Inspection. The printed sheets are inspected for printing faults. Defective notes are cancelled and incinerated for security reasons.
Numbering. The good sheets go to the numbering machines for the printing of serial numbers.
Tenning. Numbered sheets undergo inspection of every tenth sheet for other printing defects which were not detected earlier.
Finishing. The numbered sheets finally go through finishing which involves cutting into notes, counting, packaging.
Here's a video courtesy of howstuffworks.com describing how dollar bills are printed in the US. This process should be similar to how the Bangko Sentral does it in the Philippines.
Banknote printing is actually a complicated process that requires sophisticated equipment that is usually only available to central banks of issuing countries. In the Philippines, the Bangko Sentral gives us a simple outline of how they do it:
The making of a banknote starts with the conceptualization of design. The concept is drawn by an artist into a prototype banknote. Once the prototype is approved, a master die is prepared from which printing plates are produced. Production then takes place involving the following steps:
Litho Printing. Impressions are printed on a rubber blanket cylinder. These are in turn transferred to the sheets of banknote paper. Both sides of the sheets are printed simultaneously with multi-color or rainbow background prints.
Intaglio Printing. After the background colors are printed, engraved features of the banknote are printed at the intaglio machines, which produce the tactile or embossed effect on the banknotes.
Sheet Inspection. The printed sheets are inspected for printing faults. Defective notes are cancelled and incinerated for security reasons.
Numbering. The good sheets go to the numbering machines for the printing of serial numbers.
Tenning. Numbered sheets undergo inspection of every tenth sheet for other printing defects which were not detected earlier.
Finishing. The numbered sheets finally go through finishing which involves cutting into notes, counting, packaging.
Here's a video courtesy of howstuffworks.com describing how dollar bills are printed in the US. This process should be similar to how the Bangko Sentral does it in the Philippines.
Gold in the 10 peso coin?
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.
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.
Manny Pacquiao on 5 Peso Bill
The Pacquiao vs Marquez Unfinished Business boxing match is at 8AM tomorrow, Philippine time. With that, it is time to add to our online collection this interesting 5-peso bill spoof featuring Manny Pacquiao at the obverse and one of his boxing matches at the back. It is a fine revival of the five peso banknote already out of print.This spoof of the five peso bill has circulated in the internet last 2006 after Manny Pacquiao defeated Erik Morales and Oscar Larios in much anticipated boxing matches. Efforts were made to trace the creator of this banknote spoof but to no avail. Whoever you are, nice work!
A Theory on the Origin of the Peso Sign
Where did the peso sign originate? What is its history? Below is my hypothesis on how the two horizontal lines found their way into the P.The Philippine peso was established on May 1, 1852, when the Banco Español-Filipino de Isabel (now the Bank of the Philippine Islands) introduced notes denominated in pesos fuertes. Pesos fuertes meant strong pesos and was written as PF.
The peso fuerte eventually replaced the Spanish real at a rate of 8 reales = 1 peso. Until 1886, the PF circulated alongside Mexican coins, some still denominated in reales and escudos (worth 2 pesos). The Mexican coins were eventually phased out by Philippine colonial authorities in 1886.Soon enough, the peso fuerte became known simply as peso. Similarly, writing the two letters P and F became cumbersome which prompted people to join them into a single symbol which eventually evolved into the Philippine Peso sign that we know today - a P crossed by two horizontal lines.
Makes sense right? Now, due to the lack of font support, the symbol is often substituted with a simple P, a P with one horizontal line instead of two, PHP, or PhP.
Crisp Banknotes for Christmas
Expect plenty of crisp peso bills this Christmas season!
Filipinos love to give away cash as Christmas gifts to their relatives. Of course, these banknotes need to be crisp and fresh. Filipino children will frown at worn out bills, but will be very grateful for even a new, shiny twenty-peso bill.
The banks are prepared for this annual spike in the demand for new banknotes. The Bangko Sentral prints and releases more fresh bills as long queues of bank clients withdraw specifically in denominations of new 20, 50, and 100 peso bills.
Banknote and Coin Production Statistics (2006)
Banknotes
The Banknotes & Securities Printing Department of the Banko Sentral ng Pilipinas is responsible for the printing of banknotes. Shown below is its production for the ten years period.
Year - Production(in millions)
1995 - 735.05
1996 - 594.93
1997 - 619.77
1998 - 735.50
1999 - 1368.04
2000 - 849.00
2001 - 802.55
2002 - 865.62
2003 - 775.58
2004 - 942.03
2005 - 987.00
2006 - 801.50
Total value of banknotes issued in 2006 was worth PhP 448.9 billion in 2.068.55 million pieces of banknotes.
Coins
In 2006, the BSP Mint produced 1.140 billion circulation coins. Total value of coins in circulation for that year was worth PhP 13 billion in 12,131.88 million pieces of coins.
Currency Retirement
A total of P25.47 billion (463.28 million pieces)processed/verified cancelled unfit notes were retired through the Security Engineer Machine (SEM)Disintegrator in 2006. Meanwhile, a total of P66.61 billion (110.05 million pieces) were retired on-line, higher by 84.15 percent than its level during the previous year.
The Banknotes & Securities Printing Department of the Banko Sentral ng Pilipinas is responsible for the printing of banknotes. Shown below is its production for the ten years period.
Year - Production(in millions)
1995 - 735.05
1996 - 594.93
1997 - 619.77
1998 - 735.50
1999 - 1368.04
2000 - 849.00
2001 - 802.55
2002 - 865.62
2003 - 775.58
2004 - 942.03
2005 - 987.00
2006 - 801.50
Total value of banknotes issued in 2006 was worth PhP 448.9 billion in 2.068.55 million pieces of banknotes.
Coins
In 2006, the BSP Mint produced 1.140 billion circulation coins. Total value of coins in circulation for that year was worth PhP 13 billion in 12,131.88 million pieces of coins.
Currency Retirement
A total of P25.47 billion (463.28 million pieces)processed/verified cancelled unfit notes were retired through the Security Engineer Machine (SEM)Disintegrator in 2006. Meanwhile, a total of P66.61 billion (110.05 million pieces) were retired on-line, higher by 84.15 percent than its level during the previous year.
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