What do you think can our humble Piso and Sentimo do nowadays? Do they still have material value?
I asked my friends these questions and they all gave me a question instead of an answer – what question is that? Even Kulas, who I resurrected, gave me a wink and asked me “are you drinks? (translated as one too many drinks in short are you drunk?) Can you buy a small candy with your Piso or sentimo? They are only good for the church – pang simbahan na lang yan.”
They are probably right however, there are people who would say otherwise especially the two Taiwanese traders who were caught recently by NBI buying our coins, not in small quantity but tons of it.
What prompted these so-called traders to buy our Piso? Obviously, our Piso is money but that is not important to them. What is important to them is the metal that is inside called copper (CU) that would give them huge profit because they are very cheap and available everywhere in our country.
The circulating Phillipine Peso coins (25 cents, 1.00, 5.00 and 10.00 pesos ) are made up of 25% nickel and 75% copper.
Nowadays, copper is used in products such as electronics, structural engineering, household products, and a host of other things . The electrical wires, roofing materials and the integrated circuits of the computer you are using now have copper inside.
The data from world metals exchanges shows that copper prices are getting up. It has has risen to nearly $7,000 a tonne on the back of strong demand and worries over supply. The most recent price of copper (CU) from the LME (London Metal Exchange), Monday, 27 November 2006 is as follows:
Cash : $3.1928 per pound | 3-Month : $3.2114 per pound
Our Piso, in case you do not know silently found a place in the U.A.E. and created a stir which unfortunately entered in Wikipedia as Fraud problem with 1 peso coin
By August 2006, it became publicly known that the 1 peso coin has the same size as 1 United Arab Emirates dirham. But 1 peso is only 7 fils (0.07 dirham) worth, leading to dispense machines frauds in the U.A.E..
As they always say in metals exchanges: “All metals are precious.” And so our Piso is!
To our humble Piso, bow.
Tags: myepinoy, Philippine peso coins, copper, copper futures market, LME, Pinoy, Pilipinas
Hmm,, didn’t know that about your humble Piso,, interesting! And way to go in the UAE =p
the piso could be used in public parking machines, other dispense or vendo machines and the likes… i do not know who discovered it’s usage in those machines in UAE…. LOL
secret: we did once when we parked in one of those public parkings (like in HK) during my vacation last april…. hahaha. I do not know if the piso magic still works.
Yes, it has value because of what it’s made of, not its purchasing power which is nada nowadays.
Thanks for that info in UAE, sus, maraming naloko na machines.
Incidentally, the one sentimo is the same size as the subway token here in Toronto. It took a while for the authorities to figure out that the sentimo was being used by Pinoy cheats to ride the subway
This is really interesting! Simula ngayon pupunuin ko na alikansya ko ng puro Piso!
very interesting. so apparently our Piso is more valuable overseas than at home. yung 5 piso coin same size ng $2 coin dito sa NZ. sinubukan ko sa vending machine pero di umubra eh.
masubukan nga rin yan! tsk stk PINOY eh
wow! super halaga pala ng mga coins na tinatabi ng nanay ko sa bahay..lalo na ngayong puro coins na lang pera nya wala ng papel lol!! salamat sa info babalita ko to sa mga mahilig magtapon ng barya sa pinas.
The Central Bank altered the composition of newer coins to discourage its smuggling. It’s now predominantly steel.