BSP CIRCULAR NO. 81

: Section 56 of Republic Act No. 7653, otherwise known as the New Central Bank Act, authorizes the retirement of existing Central Bank circulation coins.
: The affected series are the English Series, Pilipino Series, Ang Bagong Lipunan (ABL) Series, Flora and Fauna (FF) Old Series, and Flora and Fauna (FF) Improved Series.
: The surrender and exchange began on January 2, 1996.
: The 10-centavo denomination from the English Series was retired.
: The old coins were legal tender for a period of one year ending January 1, 1997.
: After January 1, 1997, the old coins ceased to be legal tender but could still be exchanged or replaced at par without charge at BSP or authorized agents until January 2, 1998.
: After January 2, 1998, the coins that were not exchanged ceased to be a liability of the Bangko Sentral ng Pilipinas and were considered demonetized.
: Coins could be exchanged at the Bangko Sentral ng Pilipinas Cash Department, any BSP Regional Offices or Cash Units, or agents duly authorized by the BSP.
: No, the exchange or replacement of old coins with legal tender currency is done at par without charge.
: The legal basis is the implementation of the retirement of coins under Section 56 of Republic Act No. 7653, as articulated in BSP Circular No. 81, which states the coins cease to be a liability and are demonetized after the exchange period.