Retirement of old Central Bank coins

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BSP CIRCULAR NO. 81: Retirement of old Central Bank coins

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Title Supreme Court: Retirement of old Central Bank coins

Law: Bsp Circular No. 81

Decision Date: Jul 28, 1995

Effective January 2, 1996, all existing Central Bank circulation coins from various series must be surrendered for replacement with new coins, remaining legal tender until January 1, 1997, after which they can be exchanged until January 2, 1998, before being demonetized.

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Coins Included

English Series: 10-centavo denomination.
Pilipino Series: 1-piso, 50-, 25-, 10-, 5-, and 1-sentimo denominations.
Ang Bagong Lipunan (ABL) Series: 5-, 1-piso, 25-, 10-, 5-, and 1-sentimo denominations.
Flora and Fauna (FF) Old Series: 5-, 2-, 1-piso, 50-, 25-, 10-, 5-, and 1-sentimo denominations.
Flora and Fauna (FF) Improved Series: 2-, 1-piso, 50-, and 25-sentimo denominations.

Legal Basis

The retirement and replacement of coins is pursuant to Section 56 of Republic Act No. 7653 (New Central Bank Act).

Procedure for Surrender and Replacement

All aforementioned old series coins must be surrendered to the Bangko Sentral ng Pilipinas (BSP).
Surrender may also be made through authorized agent banks, commercial banks, thrift banks (including savings banks, development banks, and stock savings and loan associations), and rural banks.
Replacement or exchange will be at par with the new Bangko Sentral coins.
The replacement program starts on January 2, 1996.

Validity and Legal Tender Period

Old series Central Bank coins remain legal tender for one year from January 2, 1996, to January 1, 1997.
The coins will cease to be legal tender after January 1, 1997.

Exchange and Replacement Period

After cessation of legal tender status, old coins may still be exchanged or replaced at par without charge.
Such exchange or replacement shall be conducted at BSP’s Cash Department, BSP Regional Offices/Cash Units, or BSP authorized agents.
The exchange period covers the one-year interval from January 2, 1997, to January 2, 1998.

Consequence After Expiry of Exchange Period

Coins not surrendered or exchanged by January 2, 1998, will no longer be recognized as liabilities of the Bangko Sentral ng Pilipinas.
These coins shall be considered demonetized, having no monetary value or legal validity.

Authority and Implementation

The circular was adopted on July 28, 1995.
It is signed and promulgated by Gabriel C. Singson, Governor of BSP.

END