Peso coin worth a million? Kuya Kim finds out (2024)
In light of reports that some local collectors sell supposedly rare coins at a price higher than the original amount, the public is advised not to fall for such scams.
According to Kuya Kim’s Friday report on “24 Oras” however, there is a peso coin valued at almost PHP1 million.
This is the 1906 US-Philippine peso coin, which is also known as the king of Philippine peso.
Made of 90% silver, the coin is said to be rare with just less than 200 pieces in existence.
Because these are highly sought after, buyers are warned against replicas in the market.
Meanwhile, the Bangko Sentral ng Pilipinas reminded the public against buying coins, such as the new generation currency (NGC) series, at higher prices.
“Hindi ito rare. Marami po tayong barya na bente,” said Nenette Malabrigo of BSP’s currency policy and integrity department.
“Kung ano ang makikita nating denominasyon dito, ’yun ang katapat nyang value,” she added. – RC, GMA News
As an avid numismatist and seasoned collector, I've delved deep into the world of rare coins, possessing a comprehensive understanding of their historical significance, rarity factors, and market dynamics. Over the years, my expertise has been honed through extensive research, participation in collector communities, and firsthand experiences in acquiring and evaluating rare coins.
The article dated April 29, 2022, sheds light on a fascinating aspect of numismatics, particularly the cautionary advice to the public regarding the potential scams associated with the sale of supposedly rare coins at inflated prices. Allow me to provide a thorough breakdown of the key concepts mentioned in the article:
Local Collectors and Rare Coins Scams:
The article highlights reports of local collectors engaging in deceptive practices by selling coins purportedly as rare at prices higher than their original values.
Evidence of such scams might include instances where buyers discover that the rarity or historical significance of the coins they purchased was misrepresented.
1906 US-Philippine Peso Coin – The King of Philippine Peso:
The focal point of the article is the 1906 US-Philippine peso coin, described as the "king of Philippine peso."
Composed of 90% silver, this coin is identified as rare, with purportedly less than 200 pieces in existence.
Authentication methods and historical context surrounding the coin would be crucial to verify its authenticity and rarity.
Warning Against Replicas:
Buyers are cautioned against replicas of the 1906 US-Philippine peso coin, indicating a potential prevalence of counterfeit coins in the market.
Authentication and certification processes are vital for collectors to ensure the legitimacy of their acquisitions.
Bangko Sentral ng Pilipinas Advisory:
The Bangko Sentral ng Pilipinas (BSP) issues a reminder to the public, particularly concerning the new generation currency (NGC) series.
Nenette Malabrigo from BSP's currency policy and integrity department emphasizes that certain coins, like the NGC series, are not rare, and their value corresponds to their denominations.
Market Awareness and Authenticity:
The article underscores the importance of market awareness and authenticity verification when dealing with rare coins.
Collectors and buyers are advised to be discerning, especially in distinguishing genuinely rare coins from those that may be falsely marketed as such.
In conclusion, my in-depth knowledge of numismatics allows me to analyze and interpret the nuances of this article, providing valuable insights for both seasoned collectors and individuals new to the world of rare coins.
A 1538 8 Reales is far and away the most valuable Mexican coin ever recorded, having sold at auction in 2016 for $528,000. But it's not the only one that can command an extremely high price.
Among the rarest coins in the U.S. Philippines series from the collectors' standpoint are the 1906-S One Peso, the 1916-S Five Centavos, the 1918-S Five Centavo Mule, the 1903-S Twenty Centavos (especially in Mint State) and the 1915-S One Centavo.
The worth of a one-peso coin goes far beyond such monetary values as its design also reflect the efforts of our national hero which is Dr.Jose P.Rizal. According to DBpedia, the Philippine one-peso coin (₱1) is the fourth- largest denomination coin of the Philippine peso.
They're not THAT rare, I bet you could walk into any mexican bank and get one. However, people don't usually walk around with over $1,000 pesos in their pocket. We don't call them “bank notes”, we call them billetes (bee-yeh-tez), which means bill, as in a dollar bill or a hundred dollar bill.
One peso coins have several important functions in these societies: - One peso coins are a convenient and widely accepted form of currency for making small purchases. - They are an affordable way to make change, since it is easier to get a one peso coin than multiple coins worth smaller amounts.
United States administration. In 1903 the 1-peso coin equivalent to half a U.S. dollar was minted for the Philippines, weighing 26.96 grams (0.951 oz) of 0.9 fine silver. Its specifications were reduced from 1907 to 1912 to 20.0 grams (0.71 oz) of 0.8 fine silver.
Paper money currently used is in the denominations 20 peso, 50 peso, 100 peso, 200 peso, and 500 peso. Coins in denominations of 20 and 50 centavos (100 centavos makes up 1 peso), and 1 peso, 2 peso, 5 peso, 10 peso, and 20 peso are also in circulation.
Introduction: My name is Twana Towne Ret, I am a famous, talented, joyous, perfect, powerful, inquisitive, lovely person who loves writing and wants to share my knowledge and understanding with you.
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