Before delving into the specifics of the 5 Piso coin, it is essential to understand the evolution of the Philippine Peso (PHP). The Philippine peso is the official currency of the Philippines, abbreviated as ₱. It has a long and varied history, reflecting the Philippines’ complex history of colonization, independence, and economic changes.
Spanish Colonial Period (1565-1898): The Peso was originally the silver dollar, introduced during the Spanish colonial period and was called the "real." Over time, it was standardized as the peso fuerte.
American Period (1898-1946): When the Philippines became a colony of the United States, the U.S. dollar became the official currency, but the Philippine peso was also introduced, pegged to the dollar.
Post-Independence (1946-Present): After gaining independence in 1946, the Philippines continued to use the peso but began to issue its own currency in various denominations, leading to the creation of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas or BSP), which is responsible for issuing the nation’s currency.
The 5 Piso coin was introduced in 1997 as part of a series of coins that aimed to modernize and update the nation's currency system. It was introduced to replace the previous 5-peso banknote, which had been in circulation since the 1970s.
The decision to replace the 5-peso note with a coin was part of a broader effort by the Bangko Sentral ng Pilipinas (BSP) to improve the durability and cost-effectiveness of the country’s currency. Coins, unlike banknotes, have a longer lifespan, which made them more suitable for frequent transactions.
The obverse (front) side of the 5 Piso coin showcases the Philippine national symbol, the Philippine eagle, also known as the Philippine eagle (Pithecophaga jefferyi). This majestic bird represents strength, freedom, and pride, reflecting the country's national identity. The Philippine eagle is also an endangered species and a symbol of the Philippines' natural heritage.
Above the eagle, the word "Republika ng Pilipinas" (Republic of the Philippines) is inscribed.
Around the edge of the coin, the year of issue is placed (e.g., 1997), signifying when the coin was minted.
Reverse Design:
The reverse (back) side of the 5 Piso coin features the official emblem of the Bangko Sentral ng Pilipinas (BSP). The BSP emblem displays an image of a torch, symbolizing knowledge and guidance, accompanied by "Bangko Sentral ng Pilipinas" (Bank of Central Philippines) inscribed along the edge. The words "Limang Piso" (Five Piso) are also displayed prominently to indicate the denomination of the coin.
Below the emblem, there is a security feature engraved to prevent counterfeiting, ensuring the coin's authenticity.
When the 5 Piso coin was first introduced in 1997, it was made of a nickel-brass alloy. This composition was selected to give the coin durability and resistance to wear and tear, ensuring it would last longer than paper banknotes. The coin's durability was important because of the high volume of circulation and the country’s humid tropical climate, which can cause banknotes to deteriorate quickly.