The Bangko Sentral ng Pilipinas (BSP) formally announced that it does not buy coins at prices higher than their face value.
The BSP is most likely referring to the hearsay that it is buying back 10 peso coins allegedly containing gold. One of our anonymous readers claimed that someone even bought his his or her 10 peso coin for 1000 pesos. In sulit.com.ph, the 10 peso coin is also being sold for 1000 pesos.
“The BSP is the sole issuer of currency in the Philippines. It mints and circulates coins in accordance with its mandate to supply the currency requirements of the banking system and sustain economic growth. It determines the different denominations of our money, both banknotes and coins, and the public should accept them at face value, no more, no less,” says the Bangko Sentral media release.
In the same announcement, the BSP also reiterated that defacing/mutilating and the smuggling of Philippine coins “are criminal acts punishable by law under Presidential Decree 247 and BSP Circular 98, Series of 1995 in relation to Section 2530 (f) of the Tariff and Customs Code of the Philippines, as amended.”
Please report any information against these criminal acts to the BSP.
100 Peso Bill - English Series
(photo courtesy of Sonny Ronquillo)One Hundred Peso Banknote
1949 English Series
Obverse: Tandang Sora (Melchora Aquino) and the Central Bank Seal
Reverse: various flags of the Katipunan
Signatures: Philippine President Elpidio Quirino and Central Bank Governor Miguel Cuaderno, Sr.
Text
Obverse: Central Bank of the Philippines. This note is a liability of the Central Bank of the Philippines and is fully guaranteed by the Government of the Republic of the Philippines. One Hundred Pesos. This note is legal tender in the Philippines for all debts, public and private. Thomas De La Rue & Co. Ltd.
.
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.
International Coin Design Competition 2008
Have you ever dreamed of your own design appearing on a coin? Do you want to win some cash at the same time? Well, you can be happy today because the Japan Mint is once again accepting entries for the International Coin Design Competition (ICDC) 2008!
The contest is open to all nationalities and has both a General and Student category. The contest has the aim of "encouraging coin designers around the world in their creative activities and enhancing the artistry of their coin designs."
For the General Category, all ages are eligible to join. all that is needed is a sketch and plaster design of the coin concept. A Y500,000 (about PhP200,000) prize, plaque, and medal based on his or her entry awaits the winner. Only a sketch design is required for the Student Category. The winner stands to win Y50,000 and an award plaque.
See more details at the Japan Mint website.
There were not that much entries sent in last year and looking at the winning designs, it might not be that hard to win. The contest does not aim to create new coins for circulation but will produce the coins in medallions such as last year's winner.
The deadline for entries is August 31, 2008 so you better start minting those creative ideas!
The contest is open to all nationalities and has both a General and Student category. The contest has the aim of "encouraging coin designers around the world in their creative activities and enhancing the artistry of their coin designs."
For the General Category, all ages are eligible to join. all that is needed is a sketch and plaster design of the coin concept. A Y500,000 (about PhP200,000) prize, plaque, and medal based on his or her entry awaits the winner. Only a sketch design is required for the Student Category. The winner stands to win Y50,000 and an award plaque.
See more details at the Japan Mint website.
There were not that much entries sent in last year and looking at the winning designs, it might not be that hard to win. The contest does not aim to create new coins for circulation but will produce the coins in medallions such as last year's winner.
The deadline for entries is August 31, 2008 so you better start minting those creative ideas!
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