Tales of 1971 Piso Coin

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.

Metallic Content

“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.

This is not a rare case for coins but for stamps and other items that are collectible.   P.D No. 247  and BSP Circular No 61

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.

Technical Description 

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

Edge

Reeded

Quantities ( Number of Coins Made or Minted)

1972 -121,821,000

1974- 10,000 -proof set

1974- 45,631,000

 

Advertisements

5 Important Ways How to Start A Coin Collection

Starting a collection is something one must have passion , dedication or something of sentimental value . One of the most common items collected are coins , paper bills, stamps and postcards. They are easily transported via land, baggage and air.

There is a popular television show Kapuso Mo Jessica Soho last June 4 episode, who featured a coin collector ( Barya Milyones segment ) from Nueva Ecija province, The featured collector collect  loose change from her brother who was a seaman .

They were able to collect a lot of coins with the special feature about the Sacagawea dollar.  There was a high expectation on the part of the coin collector that it was worth millions of pesos,  until the president of Philippine Numismatic and Antiquarian Society (PNAS) was invited to appraise the coins ( face value Php 49. 36 as of June 5 exchange rate) . Much to the dismay of the coin collector.

Japanese coins from different era- personal collection of the author 

Here are the 5 Important Ways to Start a Coin Collection

1.) Motivation – The motivations for collecting are varied. Possibly the most common type of collector is the hobbyist, who amasses a collection purely for fun with no real expectation of profit. This is especially true of casual collectors and children who collect items on the basis of chance and personal interest.

2. ) Passion -Have a passion and try to collect them from KKK – Kaibigan , Kakilala at Kamag-anaks – These connections are necessary to start a collection. Starting a collection may not be an expensive hobby at first, as relatives and friends would always give handy and loose change . Eventually sorting them and making a theme , out of your collection – American regime, Commonwealth, Kings, Queens, Popes etc…

proof set coins minted by Franklin Mint , USA circa late 1970’s  sold before the Central Bank of the Philippines ( with certificate of authenticity)

3.) Research–  Try to do some research on the coins or items, There are some second hand coin catalogs for sale at several flea market and second hand bookstore . They are categorized by country or by time period. Joining a reputable collecting club is another option . There are a lot of people that have the same passion and hobby .

Some are helpful and will lend a helping hand , BUT some will just tell stories ala Indiana Jones and will sell over priced items.  Joining FB groups , forum sites and peer group will also help.

There are also good places in the Philippines to visit , Money Museum within the Bangko Sentral ng Pilipinas compound at Harrison Plaza in Manila had an interesting collection of coins , banknotes and pre-hispanic items. Appointment is a MUST for those who wanted to visit the museum.

Remember that in the field of numismatic also includes medals, tokens and private issuance of companies. There are also counterfeits of coins, tokens and paper money since time immemorial . Sometimes, they are more expensive than the real counterparts.

There are a lot of coins made in China , India and other parts of the world intended for unsuspecting tourist. My uncle bought some silver coins allegedly from a dealer in Bangkok in one of his foreign trips. The silver coins are supposedly was minted in the late 19th century and early 20th century. Unsuspectingly bought them without properly inspecting the items. It was kept in a bank vault for several decades until his death.

Initially, it was intended to be sold to cover his funeral expenses but upon close inspection, all of the silver coins are fake and with very little silver content. Apparently, they are made using the old techniques of molds.

Even a seasoned coin collector would have a hard time with these items, there were thousands or even millions made to lure unsuspecting tourists.

 Personally , I do not recommend searching some buying sites, since they are  sometimes overpriced and does not reflect the real market value.

Bagong Lipunan bills – mint condition

4.) 4 C’s of Coin Collecting – After amassing the desired quantity, One can start sorting the coin collecting.

Common Themes- It can be based on per country, year collection,mint, period , era and theme.

Condition – Seasoned collectors will always look for the best condition of coins, so avoid holding coin with bare hands and try to buy coin holder , They are available in ordinary cheap paper holder to more expensive ones. They can be bought at a specialty stores in US, UK or HK .

One must also know if the coin are minted as to commemorative or special issuance, One must note that some issues are highly collectible since they commemorate an event and limited in quantity . Government issues like Central Banks are highly sought after by collectors, as to compared to private institutions.

Modern commemorative proof set coin issuance are normally sealed in nice containers with certificate of authenticity issued by the issuing government entity. Do not attempt to remove the coins or items on the containers as they are sealed and will quickly loose its value.

Coins with metallic or intrinsic values like gold, silver, platinum and bronze are collectible and desired by collectors.

Capacity – Remember that at one time , one will buy collectible items. One must always think of the person’s capacity and market value.  Do not try to over buy or hoard items.

Cleaning Coins – Generally , It is not acceptable to clean old coins especially more than 50 years-old and above. Just keep it as is and do not attempt to use abrasive coin cleaners. ( Done that with a couple of silver coins before with my ROTC metal polish before !) ordinary baking soda with mild detergent power will do wonders.

It is also not always the case that an old coin is worth more than the modern coin. There are billions or millions of coins minted and thus sometimes they are not that expensive.  ( author was able to bought a couple of Roman era coins worth about a hundred pesos )

5.) Collect for the Fun and Knowledge – Met a lot of collectors which started with full of zest with their collection.  Buying a lot of  items at flea market , club auction and online sites. Buying them by bulk as if there was no tomorrow.

One collector would even post a weekly update on his facebook page , buying package full at several sites and falsely telling stories that they were heirloom family collection .

I was told that the collector somehow lost his interest in collecting is now selling the items he hoarded.

I used to be a member of the Bank Note Society of the Philippines (BNSP ) for a couple of years during the incumbency of President Cecilio Hodreal . His son is now active in collecting banknotes, coins and stamps.

Note : The author does not engage into buying and selling  of these items.  Only had limited number of coins and paper bill collection.