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What happens to coins that are old or damaged?


Do you know what happens to coins that are already old or damaged?

According to Kuya Kim's report on "24 Oras," Thursday, the Bangko Sentral ng Pilipinas (BSP) started collecting them in October last year. They are defaced so the public won't be able to use them.

BSP Greater Manila Regional Office's acting deputy director Jann Ryan Jose said they damage them physically so they won't be circulated or used to purchase things.

They are then recycled through the BSP Disposal Committee, who sells the coins in a public auction.

"Binebenta ito ni BSP sa mga smelters para kunin 'yung mga metallic composition na maaari pang i-reuse," Jose said.

("The BSP sells them to smelters to extract the metallic composition that can still be reused.")

All in all, the BSP collected over 500 metric tons of coins. Seventy percent (70%) of this are unfit, 25% are already damaged, 4% are fake, and 1% are demonetized.

—Franchesca Viernes/MGP, GMA News

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