scrap metal value of coins
Interesting! Thanks for the insight!
They had a article on why some of the coins are being horded , though if that is the case most of their lower value coins centavos which are still issued by law are pretty much worthless in buying power . Would take a big bag of them to buy a soda . Article below
MANILA, Philippines—Hoarding coins? You could be penalized. But if you’re only saving up in a piggy bank, don’t fret.
The Senate has begun hearing a bill seeking to penalize individuals or groups engaged in the large-scale hoarding and export of coins.
Banking authorities conceded that the hoarding of coins for melting into raw materials for mobile phones, computers and other gadgets was a “big problem.”
All Philippine coins are made of copper, brass, nickel, aluminum or steel. The rising values of these metals have encouraged syndicates to hoard and export the coins, leading to a coin shortage that began in 2004. Sicat said the BSP could set a limit, say P5,000 for small savers, and another limit for retailers who keep coins for change.
The bill, known as the proposed “Anti-Hoarding of Philippine Legal Tender Coins Act,’’ imposes a penalty of eight years’ imprisonment and a fine of not less than the face or intrinsic value of the coins, not exceeding P300,000, for coin hoarding.