(PHILLIPINES)REPUBLIKA NG PILIPINAS-2002-1 PISO

Philippine peso

The Philippine peso (Filipino: piso; sign: ₱; code: PHP), also referred to as peso, is the official currency of the Philippines. It is subdivided into 100 centavos (Filipino: sentimo, Visayan: sentabo). Before 1967 as a former colony of the United States, the language used on the banknotes and coins was in English, and so the word "peso" was used. Since the adaption of Filipino language for banknotes and coins, the Filipino term "piso" is now used on Philippine money.

This symbol is unique to the Philippines as the symbol used for the peso in countries like Mexico and other former colonies of Spain in Latin America is "$".

The Philippine coins and banknotes are minted and printed at the Security Plant Complex of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in Quezon City.

Denominations below 1 peso are still issued but are not in wide use. In December 2008, House Resolution No. 898 was proposed to call for the retirement and demonetization of all coins less than one peso due to the high cost of manufacturing these coins.

1 peso coin fraud

By August 2006, It became publicly known that the 1 peso coin has the same size as the 1 United Arab Emirates dirham coin. As of 2010, 1 peso is only worth 7 fils (0.07 dirham), leading to vending machine fraud in the U.A.E. Similar frauds have also occurred in the US, as the 1 peso coin is roughly the same size as the Quarter but as of 2010 is worth only about 2 U.S. cents. Newer digital parking meters are not affected by the fraud.

1 peso coin

The one Peso coin is the third-highest denomination coin of the Philippine Peso.

The national hero, José Rizal is featured on the obverse. The logo of Bangko Sentral ng Pilipinas is featured on the reverse side, as per all current coins of the Philippines.

This copper(75%)-nickel(25%) series of coins was first issued in 1993 and lastly in 2003, because from that year onward the bank decided to mint the coin with steel alloy.This coin was minted in 2002 with a weight of 6.10 grams and a diameter of 24 mm.The front side of the coin shows revolutionary Jose Rizal left of 1 Piso and his name under it ,top - state name (REPUBLIKA NG PILIPPINAS) , bottom - minting year(2002) and the back side shows circular seal of central bank and founding years in bottom(1995).

Now the coin has a peak value of $ 4.