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Who issues Philippine commemorative
coins? Philippine
commemorative coins are issued exclusively by the Bangko Sentral ng Pilipinas
(BSP), also known as the Central Bank of the Philippines. Under the provisions of Republic Act 7653
(New Central Bank Act of 1993), the BSP … shall have the sole power and
authority to issue currency within the territory of the Philippines. No other person or entity, public or
private, may put into circulation notes, coins, or any other object or document
which, in the opinion of the Monetary Board, might circulate as currency . .
. without prior authority from the Bangko Sentral. (Chapter II, Article II,
Section 50) Of
course, this does not mean that only the BSP — through its Mint and
Refinery Operations Department — may manufacture commemorative coins. Any mint (whether state-run or
privately-owned) anywhere in the world may be authorised by the BSP to
produce legal-tender coinage on its behalf, especially if the government can
save money and ensure higher production standards by outsourcing the
work. In fact, most of the
precious-metal commemoratives issued by the Philippine government over the
last few decades were struck overseas.
(For more information on who mints Philippine commemoratives, read the
next article.) Back to
Philippine Commemorative Coins: A Brief
Introduction. |
