Gold in 1972 Piso Coin
It has always been rumored that the old 1 Piso coin, like the one below, has precious metals. From what I heard, it contains some amount of silver and, in some cases, white gold. The origin of the rumor is unknown, but what strikes me is that quite a handful of people believe this to be true.
In my mind, I never really believed that these coins had precious metals in them, but it was worth giving the benefit of the doubt. What almost convinced me was the idea that all old coins do contain some amount of silver or gold or whatever precious metals that were sought after. Though it is true that in the early days coins were made from precious metals which signified that the coin had actual value and this value was intrinsic, not all Philippine coins were made from precious metals, certainly not the modern ones.
In the Philippines, coins from 1958 up to the present no longer contain any precious metals, but that did not stop the rumor that this particular coin does contain some precious metals.
I remember a ring maker in the streets of Baguio city selling rings allegedly made from these PISO coins. If I remember correctly, he buys these coins for Php 30 each and sells rings for about Php 100 each. They were really shiny and have that yellowish tinge. His sign read, “White gold rings from old coins”. I don’t know how many people were gullible enough to believe him.
Maybe its that yellowish tinge that makes people believe that its gold or white gold. Another idea that may have convinced people to believe is that the coins do not tarnish, or it can also be because someone who knows a friend of a friend’s cousin, who knows someone who knows the friend of the janitor’s wife, who happens to work the grounds of Bangko Sentral, who claims that her husband knows someone who knows the formula of the metal in the coins, said so. That’s just my take on how the rumor started. By the way, the coins do not tarnish because of its metallic composition – copper, nickel, and zinc.
These coins do not have any precious metal content simply because Bangko Sentral never issued coins with precious metal content. Below statement is from Bangko Sentral’s publication on coins and banknotes dated March 2015.
“All the coins issued by then Central Bank of the Philippines and the Bangko Sentral ng Pilipinas do not contain precious metals particularly, silver and gold. Moreover, the value of the metallic contents of the BSP coins is determined by world market prices of metals.” – Page 5, Item #20, Banknotes and Coins March 2015
Still in doubt? Have a metallurgist examine the coin. It could be expensive, but that might finally bring the rumor to rest. Anyone willing to sponsor a metallurgical test?