A good feature story aired last sunday by Kapuso Mo Jessica Soho at GMA channel 7 featured some FB group buying sites and some coin collectors looking for the rare 1971 1 peso coin.
This trigger some online debates and discussion about this rare coin in circulation. The 1970’s coins were in general use up until the early 1990’s before the coins were demonetized by the Bangko Sentral ng Pilipinas along with the Ang Bagong Lipunan bills. They are used for payments in jeepney fares and loose change in small sari-sari stores.
Started collecting these types of coins whenever i had a chance to see them, most are in poor condition and an aunt even gave me over a dozen pieces of the 1972 1 peso coin as some sort of Christmas gift. ( also in circulated condition )
The coins are larger compared to the flora and fauna series issued by BSP in the 1980’s and a smaller coin series ( flora and fauna series 1994) which is very unpopular among collectors and masses since they are quite small.
There were some rumors way back in the late 1990’s that some of the 1970’s Marcos era coins are worth something and they have some gold content. The uncirculated ones and the ones that were polished with modern metal polish would have a yellowish color glow that makes people believed that it had gold or had white gold content. Some gullible people began hoarding them. People believed in the story, since there are some sidewalk vendors making them as rings or accessories, soaking them in calamansi solution. Some of them are still around Recto, Divisoria and provinces until now peddling items made from these coins. I should have taken some photos for record purposes.
“All the coins issued by then Central Bank of the Philippines and the Bangko Sentral ng Pilipinas do not contain precious metals particularly, silver and gold. Moreover, the value of the metallic contents of the BSP coins is determined by world market prices of metals.” – Page 5, Item #20, Banknotes and Coins March 2015.
At the height of the frenzy, Some people began spreading rumors in some buy and sell sites that each coin can be bought around Php 100 each regardless of the condition to as much as Php 1,000 each or even more !
NOLI Me Tangere Obverse
Another rumor that circulated for decades was the rare 1971 1 peso series with a Noli Me Tangere obverse and such coins are worth at least Php 200 to 1 million pesos . I have seen a couple of these coins being sold before in Recto at a local coin dealer way back in 1999 . I always do some researches later to found out that there are some private individuals and unscrupulous coin dealers or medal makers that would counter stamp or re-strike these coins to sell maybe to unsuspecting local or foreign collectors who would collect these kinds of novelty items, some say fantasy issue. Banking on the so called rarity, exclusiveness of the issuance.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081 dated September 21, 1972, Proclamation No. 1104 dated January 17, 1973, and General Order No. 1 dated September 22, 1972, and in order to effect the desired changes and reforms in the social, economic and political structure of our society, do hereby order and decree:
1. That it shall be unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines; and
2. That any person who shall violate this Decree shall, upon conviction, be punished by a fine of not more than twenty thousand pesos and/or by imprisonment of not more than five years.
Reason : Sales Gimmick or Failure to Issue on Time ?
The law created which does not have a fang. I have seen some banknotes overprinted with the Pope Francis visit. Which is not an official souvenir item issued by the BSP ( I think some private individual issued these so-called fantasy or counter-stamping issues for remembrance of the occasion and failure of BSP and even Post Office to issue sufficient number of stamps and coins during the visit of Pope Francis in 2015) or delayed issuance?
The BSP flawed online registration drew some negative comments especially among old time collectors which are not tech savy and does not have any email accounts. Worst case scenario is that it took several months before the coins from BSP were sold to en-mass. Even until 2017( two years after the Pope Francis visit) and with a new BSP head. Some of those who ordered via email still have to receive the coins.
For stamps, People had to wait for long lines at the Manila Central Post office for long hours and the delivery for the Pope Francis stamps and souvenir sheet was even delayed or several hours during the first day. The author is one of the several hundreds or even thousands of people who lined -up just to purchase the commemorative stamps. Taking a leave of absence for two days and loss of productive time.
Personal Letter to BSP Governor Amando Tetangco
I personally wrote a letter address to the former BSP governor Amando Tetangco way back in 2015 for some of the old members who cannot order online – the limited Pope Francis coins ( we only ordered just few coins for our old members from the provinces and those who do not have access to internet ) ONLY to be rejected few months later, after BSP staffs have assured us of having the priority order. Even personally going to the office of the governor of the BSP in Manila. Sadly two died without even seeing the commemorative coin.
I would have shrug off the story aired by KMJS last sunday. I think it was more of an information dissemination to create a decent rating out of ONE in a Million or Treasure Hunting stories which surely will create some noise. Got several emails and inquiries in this blog about the coin.
Wrote this short article to inform people that there is no such truth about the rare 1971 issuance for those who wanted to know the number of coins that were made.
Obverse : Shield of the Republic of the Philippines, Lettering:
REPUBLIKA NG PILIPINAS , REPUBLIKA NG PILIPINAS , * BANGKO 1972 SENTRAL *
Translation: Republic of the Philippines
Central Bank of the Philippines : 1972
Reverse : Head of Jose Rizal left
Lettering: P I S O 1 JOSE RIZAL
Translation: 1 Piso Jose Rizal
Quantities ( Number of Coins Made or Minted)
1974- 10,000 -proof set