Confusion in new-released Philippine coins
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We live in a world that revolves around money. Money can buy a lot of things. According to Market Business News, money has three main functions: an exchange of medium, unit of account and store of value. Obviously, money facilitates in the exchanges of the economy. For example, producers sell their goods to wholesalers for money and wholesalers go on to sell their goods to consumers. Money is also measure the value of various goods and services in an economy. It essentially serves as a standard of value.
Long ago, according to Bangko Sentral ng Pilipinas, barter was a system of trading commonly practiced throughout the world and adopted by the Philippines, then cowrie shells and cobs and macuquinas were the earliest coins. There were also released banknotes and when the Philippine Republic achieved total independence from the United States after World War II, the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) was established in 1949. The Filipinization of the Republic coins and banknotes began in the late 60's which were referred as the “Pilipino Series”.
In 2018, the Bangko Sentral ng Pilipinas has released new series of New Generation Currency (NGC) coins that contains 10 pesos, 5 pesos, 1 peso, 25 centavos, 5 centavos and 1 centavo.
The new design and details of NGC coins are giving new kind and better security of coins. Particularly, the placing of micro-printed details using laser-engraving technology in two highest denominations (10-peso coin and 5-peso coin) in order for the coins not to be easily copied using the traditional process of counterfeiting.
The NGC coins, with a color of metallic silver, are made up of nickel-plated steel. The change of material is the answer to prevent rustiness and darkening of the said coins.
The new sets of released coins are the same size as the old ones. The old coins pertaining to the 5 centavos, 25 centavos, 1 peso, 5 pesos, and 10 peso coin retained its size.
There was a woman named Jessica Erice Zafra who posted on Facebook how she encountered a situation in where the jeepney driver, an old person, returned the wrong amount of change due to the fact of the confusing looks or appearance of the new Philippine peso coins, in which the woman reminded the jeepney driver that she her change was 5x the amount of the actual change. She returned the excess amount of change and advised the old jeepney driver to be careful in the future. This example shows that with the confusion of the new-released coins, people like the jeepney driver can lose money unconsciously. Also, we’ve read a post from one of social media sites, that there was an old man saying that the government agency assigned in releasing of coins should replace it with new coins where the difference of each coin can be distinguished easily just like the old ones.
The new-released Philippine coins will cost more confusion and make it harder for those people specifically people with sight/ eye disabilities and elder or senior citizens.
We are petitioning for the variation of colors in the new coins so that there will be no confusion for the citizen. We are proposing a solution of providing new coins with variation of colors and size; it will lessen the confusion of people in using the coins to their everyday lives and some of the Filipinos are already familiar with the old color and style of the coins.
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