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Cheaper, lighter steel peso coins to deter smugglers.
(From Philippine Daily Inquirer)
Byline: Doris C. Dumlao
TO COPE WITH SKYrocketing metal prices and make coin smuggling less attractive, the Bangko Sentral ng Pilipinas has altered the metal content of the various denominations of the Philippine peso and centavo coins.
The change in the metallic composition was prompted by rising prices of copper, nickel and zinc, said BSP currency analysis and redemption manager Maria Gracia Malic.
The BSP issued a new batch of coins in May to reduce production costswith the new P1 coins weighing only 5.35 grams instead of the previous 6.1 grams.
The new P1 coins are nickel-covered steel. The earlier editions were 75 percent copper and 25 percent nickel.
The new …
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